CHARLOTTE, N.C. (WBTV) - The Carolina Panthers are fighting to pay less property taxes on Bank of America stadium. They filed an appeal of their recent property tax valuation, saying it should be slashed from about $572 million to only $87 million.
The county toured the facility after that revaluation and reduced the value to about $384 million. Friday afternoon, the Board of Equalization and Review knocked that number down to about $215 million.
“As a dollar amount I think it would have to be the largest drop that we’ve seen,” Mecklenburg County Assessor Ken Joyner said.
After four hours of discussions, the board unanimously approved the $215 million value.
“We just wanted to have the opportunity like other homeowners in the county to have a fair hearing, a fair assessment, and I think we got that today,” Carolina Panthers COO Mark Hart said. “But we have more work to do.”
The county assessor based the stadium's value on improvements made throughout the years, saying it has about 17 years of life left, and arguing that attendance matches that of other NFL stadiums.
But the assessor for the Panthers said they can’t have events other stadiums can because there is not enough parking, loading space and square footage. Plus, club seats are on the third level instead of the first level like many state-of-the-art stadiums.
“Getting older, things like concrete and joints deteriorate and that’s just the natural state of where we are,” Hart said.
The Panthers can still appeal again.
“It’s a fair process that North Carolina establishes,” Joyner said.
The county tax assessor says the Panthers joined about 30,000 citizens who appealed their tax valuation during this last revaluation cycle.
If the Panthers choose, they can appeal to the Property Tax Commission.