Charlotte City Leaders Determined They Can Swing Revenue Neutral Tax Rate
CHARLOTTE, NC. — After coming back from their annual retreat, Charlotte City leaders determined the city can swing a revenue neutral tax rate. This comes a week after property tax revaluations were sent out. Many gasped after seeing how much their property value increased.
“That is the estimated and appraised value of your home. We as a city will have tax revenue neutral budget,” says Mayor Vi Lyles.
The average homeowner property value went up 43%. The average business, a 77% increase.
“If you in the average range your taxes should be about the same. There is a requirement from the state that we level it. So that everyone pays their fair share,” Mayor Lyles explains.
Mayor Lyles says although they still have to go through the budget process, their projected budget allowed for a revenue neutral rate.
Mecklenburg County Commissioners still have to go through their budget needs too.
Both need to be set by June 30th.