It is clear that both Anthony Foxx and John Lassiter think that whatever the Uptown paper of record says becomes fact. Their account of the 9-percent property tax hike adopted by the Charlotte city council in 2006 exactly tracks the received Uptown account. And it is wrong.

First, lets note Lassiter’s sudden interest in rolling back property taxes. Is this fiscal conservatism in the last week of the campaign too little, too late? We’ll find out on Tuesday. If turnout in solidly Republican precincts across South Charlotte is low, the answer will be “Yes.”

Now back to 2006. In short, the city required a tax hike to make the numbers work for the $158m. Wachovia arts complex. Recall as originally proposed a 4-percent car rental tax hike would help pay for the venues along with about $40m. in future property tax revenue diverted from the General Fund. This synthetic tax increment financing mechanism essentially permitted Wachovia to direct that its property tax bill be used to pay for things Wachovia wanted and liked. Nice deal, huh?

But when rental outfits screamed about the 4-percent tax hit it was scaled down to 3-percent with up to $60m. in office tower property taxes making up the difference. As it turned out, to win state approval for the car rental tax the city wound up having to launder its revenue through CATS as a dedicated transit tax, freeing up General Fund revenue which used to go to CATS to help pay the debt on the arts projects. This 5-cent hike raises about $7m. a year, with the car renters bought off with a seat on the Charlotte Regional Visitors Authority and promises that CRVA will help promote car rentals.

If you are confused, you are supposed to be. That way Foxx and Lassiter can pretend high priority items drive tax hikes in Charlotte when the reality is that there is more than enough revenue to fund basic services. City council just refuses to cut the crap out of the budget or hold city staff responsible for living with a budget.

This was true in 2006, it is true in 2009. The difference is one of them is an election year.