Daily Tax Report: State

NFL’s Carolina Panthers Say Stadium Overvalued by Almost $500M

March 18, 2019, 5:41 PM

The NFL’s Carolina Panthers think county assessors are way off in their valuation of its stadium in Charlotte, N.C.

As part of property valuation required by state law, Mecklenburg County has determined that the Panthers’ Bank of America Stadium is worth $572.3 million. But the franchise says it’s only worth $87.3 million. The valuation difference could mean about $4 million in taxes per year.

Leo Caplanides, a spokesman for Mecklenburg County, said the team has submitted an informal review request with the county assessor’s office. According to the Panthers’ submission, they are challenging the stadium’s valuation based on the $2.3 billion sale of the franchise last year.

Additional information will be sought from the organization and considered by the county, Caplanides told Bloomberg Tax. A change in the assessment is possible following that review process, he said.

Rate Setting

If the Panthers still disagree with the value set following the informal review, they have until May 20 to file a formal appeal with the county Board of Equalization and Review, Caplanides said.

The current property tax rate on the property is 0.8232 per $100 of value, but a new tax rate will be set by the Mecklenburg Board of County Commissioners in the next few weeks, according to Caplanides. The new rate will take effect July 1, and property tax bills will be sent out later that month, he said.

North Carolina law requires counties to conduct property revaluations at least every eight years. It had been eight years since Mecklenburg County did such an assessment.

Bank of America Stadium was built in 1996 and seats 75,525 fans. Team representatives didn’t immediately respond to requests for comment.

To contact the reporter on this story: Andrew M. Ballard in Raleigh, N.C. at aballard@bloomberglaw.com

To contact the editors responsible for this story: Jeff Harrington at jharrington@bloombergtax.com; Megan Pannone at mpannone@bloombergtax.com

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