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.