Interesting blast from GOP mayoral candidate Scott Stone:
Charlotte mayoral candidate Scott Stone delivered a letter today to County Commission Chairwoman Jennifer Roberts, which called for the county to go back to the drawing boards on the current revaluation process. Stone called for this “Reval Redo” so that process can be performed more fairly and so that the values more closely reflect actual market values. … In his letter, Stone proposed that the new process consist of three main elements:
1. Set a guideline of 10% maximum change in property value. For any property values outside of that range, the burden of proof should be on the county appraisers.
2. Set the maximum average increase to no more than 4%, which is in line with the growth in values since 2003 according to S&P / Case Shiller. The initial reval process had set an 8% average increase.
3. Plan to perform a new revaluation in 2014 as there will likely to be an improvement in the economy and property values will have stabilized, providing the county and the city with better data upon which to levy taxes.
In reverse order, don’t be so sure about a recovery by 2014. And I’m not certain and 2 and 1 would not require a change in state law to compel the county to change its assumptions.
Still, it is undisputed that the reval seems wonky in both detail — with some massive run-ups of 50 percent and more — and in the macro — where the revenue neutral rate should probably be closer to 75 cents than 78 cents — which only magnifies the size and scope of the tax hikes now under discussion.
