Mecklenburg County’s Property Tax Revaluation Could Hurt Affordable Housing
CHARLOTTE, NC. — There’s concerns about how Mecklenburg County’s property tax reval could hurt affordable housing. Renters could be footing the bill so landlords won’t have to pay the increase.
There are still many unanswered questions because the city and county haven’t set the tax rate yet. It won’t be set until July.
The Charlotte Mecklenburg Housing Partnership is concerned about increased tax values on what they call “naturally occurring affordable housing.” They’re apartments that are older with no rent regulations, like Arcadian Village Apartments in East Charlotte. The tax value went from $3.4 million to $24 million. Meaning renters will likely make up the difference.
Something County Commissioner At-Large Pat Cotham worries about.
“The owner might say I’m not going to do this anymore, I can raise my rent or I want to sell it, and let somebody tear it down,” Cotham explains.
Senior citizens on fixed incomes, who want to stay in their homes regardless of the increase can sign up for the Aging in Place program.