NC Lawmakers Propose Property Tax Cap

0:00It's March 24. From your city to your ears, this is Durham News Today, powered by AI. I'm Cory with the story. North Carolina lawmakers are pushing to cap how fast local governments can raise property tax revenue. Republican leaders, including House Speaker Destin Hall, say counties like Waking Cabarras have taken in way more than needed based on a study from, the John Mock Foundation. The idea is a state constitutional amendment that would tie tax growth to things like inflation and population changes. Hall highlighted this in social media posts last week, pointing to nearly $3 billion in extra collections across nine big counties over the past 10 years. That figure comes from a what if scenario where limits had been in place already. A House committee showed support for levy limits last week, but details are still being hashed out. Folks in Cabarras County are feeling the pinch from higher tax bills, especially after a recent property revaluation boosted values by an average of 54%.

1:02Commissioners cut the tax rate, but overall revenue still climbed because assessments went up so much. Local Republicans say this hits families hard, particularly seniors and veterans on fixed incomes. Even with more money coming in, Cabarras faces budget strains and could see a $67 million shortfall by 2031. Leaders there argue it's not just about taxes, but also spending habits. A levy limit wouldn't touch current budgets or past collections. It would just slow future hikes. Lawmakers continue refining the plan and committee meetings, aiming to balance relief for homeowners with local needs.