Charlotte, North Carolina, my home and where the Carolina Panthers reside (for now), is currently undergoing massive upheaval as a result of a tax revaluation by the Mecklenburg County Tax Assessor’s Office. This is the first revaluation since 2011, and Charlotte has only continued to increase in its population to the tune of roughly 54 people a day. This population growth coupled with a lack of supply in housing stock (both affordable and otherwise) has led to the kind of real estate speculation that spells disaster for working class neighborhoods.
The Tax Assessor’s Office reported that commercial property jumped by an average of 77% while residential jumped by an average of 43%. As a result, people are making tough, kitchen table decisions like appealing their revaluation or moving before a property tax rate is set in July. The revaluation has turned an affordable housing crisis into a nightmare with horror stories of affected neighborhoods devastated and residents despondent with the choices ahead of them.
There was a story released this past Thursday that one major fixture of the region is also feeling the squeeze: David Tepper’s Carolina Panthers.