State Senate Moves to Postpone Property Tax Revaluations Amid Rising Real Estate Prices
In a response to rapidly increasing property values, the state Senate voted 36-9 on Tuesday to delay property tax revaluations. This decision impacts several counties with upcoming appraisal value changes, including Guilford, Buncombe, Harnett, Bladen, Davidson, and Scotland.
Sen. Steve Jarvis, representing Davidson County, highlighted the potential financial burden on residents, indicating that property tax bills could soar by up to 60%. “We have seen an extensive increase in property values, something in the double digits that we’ve never seen in history,” he remarked. “With this moratorium, it will also provide the legislature time to actually address property tax values and what we may want to do in the future.”
While the moratorium includes several counties, Pamlico, Chowan, and Clay counties were excluded. Senate leader Phil Berger, who co-sponsored the legislation with Jarvis, explained, “They apparently had reached out to their members, and they’re perfectly happy with the revaluation that has taken place.”
The future of the moratorium lies uncertain as it awaits approval from the House. Speaker Destin Hall has proposed a constitutional amendment aimed at limiting counties’ ability to raise property taxes, which would require voter approval in the upcoming November election.
When questioned about the amendment, Berger commented, “I think there’s support for that, or at least that concept. I don’t know about the specific wording.” He emphasized the necessity of a more immediate solution, adding, “Not calling this time out means that the folks in the affected counties are not going to get the benefit of whatever legislation that could come forward in the future.”
Opposition to the moratorium emerged from nine Democrats, including two representing Guilford County. They offered alternative strategies to address property tax and housing issues, such as tax exemptions for certain homeowners and limits on corporate ownership of single-family rental properties. “We, too, are hearing from constituents that want to keep more of their money in their pocket, especially when it comes to property taxes,” stated Sen. Natalie Murdock, D-Durham.
