Mecklenburg County property tax increases needed for capital, CMS projects

CHARLOTTE — Mecklenburg County Manager Dena Diorio will unveil her proposed fiscal year 2024 budget next week and a property tax increase appears to be likely. Mecklenburg County’s chief financial officer told Mecklenburg County commissioners Tuesday afternoon to fund all the county’s proposed capital projects and that additional funds are needed.

“To fund this level of capital, a tax increase is essentially unavoidable,” said David Boyd, Mecklenburg County CFO.

Thanks to revaluation, the median value house in Mecklenburg County is now $384,000, which is up from $239,000.

At a revenue neutral rate, taxes on a median value house are going up around $446, according to Boyd.

The county wants to fund $1.5 billion worth of projects between now and 2028. They include a new main library in Uptown, new parks and a new HVAC system for the courthouse.

To do so, it will take a penny tax increase. That’s an extra $38.40 which means the median homeowner’s taxes will rise by more than $484 dollars. Another tax increase would be needed in 2028.

Then you must add in Charlotte-Mecklenburg Schools. The county manager is planning to recommend a $2.5 billion referendum to borrow for dozens of school projects. If approved, another penny tax increase would be needed next year, in 2028 and 2029.

That’s a 5-cent increase by 2029 combined with capital projects.

While $2.5 billion is the county manager’s proposal, ultimately commissioners could push for more or less for CMS

“I know there are some of you who want to give them everything they want and then I know there are some of you that want to be at revenue neutral,” Chairman George Dunlap said.

This also doesn’t factor in any additional tax increases needed for operating expenses.

A two-cent sales tax increase in 2024 would add more than $522 to the median homeowner’s tax bill.

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