Panthers stadium value quadruples in county revaluation

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David Tepper might be in for a bit of sticker shock when he gets his tax bill next year — except he’s a multi-billionaire.

According to Erik Spanberg of the Charlotte Business Journal, the Panthers now play in the most valuable commercial property in Mecklenburg County, with the tax value of Bank of America Stadium quadrupling in the last eight years to $572.3 million.

During that span, Tepper bought 100 percent of the building and the team for $2.275 billion in cash, so he can probably swing any tax hike. Mecklenburg County hasn’t announced the corresponding tax rates, but it’s not expected to raise the tax at the same rate as the value (or I’ll be hitting Florio up for a raise to cover the bill on my suburban estate).

In the previous county tax revaluation in 2011, the stadium was tagged at $134.9 million. The place cost $248 million to build in 1996.

Since the last revaluation, there have been nearly $200 million in stadium improvements, with the Panthers spending $102 million and the city kicking in $75 million for some escalators and other odds and ends. The Panthers could appeal to try to reduce the number, but haven’t yet. The average commercial property in the county rose an average of 77 percent in value.

“At this point, they’re just like any other taxpayer in the county, probably evaluating their value and trying to make a determination as to what their next step would be,”Mecklenburg County assessor Ken Joyner said.

A month ago, the team paid $1.8 million in county and city taxes based on the $134.9 million number. But local officials are expected to keep the tax rate close to value-neutral, in part because they’re entering an election year and want to keep their jobs.

5 responses to “Panthers stadium value quadruples in county revaluation

  1. “and the city kicking in $75 million for some escalators and other odds and ends.”

    At 1.8 million per year in taxes, it will take the city 41 years to recoup that 75 million.

  2. You conveniently didn’t bother to mention the $87.5 Million in Tax Kickbacks to the Panthers/Jerry Richardson just a few years ago (Forbes). Valuations get really murky when that same taxing authority agrees to also give you millions and millions annually.

    For the Tax Handout from the Public, the Panthers agreed to a 6 year extension to keep the Panthers in Charlotte. Aww, that’s nice of them.

    You’re being robbed America, while the NFL is ca$hing in on your nickel.

  3. The Panthers bring millions to the state and local economies yet the Democrats chose to hike taxes on them just because…well because they are Democrats and that’s what Democrats do….raise taxes on private companies while ensuring that the poor never pay their fair share.

  4. dryzzt23 – awesome job bringing your political hatred to the discussion. But this isn’t a left vs right or rich vs poor thing (every political party, corporation, individual, etc wants more money… don’t let anyone deceive you into thinking anything different). In this case, I think you misunderstand a little bit. I live in the Charlotte area, and I can assure you that the poor will be paying their fair share. I’ve seen houses previously valued around 150k now be valued at 330k over night. Or 250k now at 550k tax value. Some people have had to pull offers on homes, because their loan approvals didn’t take into account the new tax value (even though the tax rate likely won’t actually be as high, as the article mentioned). So you can put yourself at ease, the non rich folk will be paying our fair share just like the 1 percenters. And as others have commented already, the Panthers owner will not actually be paying the tax themselves.

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