Panthers Get $100 Million Reduction In Stadium Tax Value
The Mecklenburg County Assessor's Office has reduced the tax value of Bank of America Stadium by $100 million after the football team said its new tax value was too high.
Under previous owner Jerry Richardson, the stadium's previous tax value was just under $135 million, and its combined city and county tax bill was $1.84 million.
But last summer, David Tepper paid an NFL-record $2.275 billion for the team and the 23-year-old stadium. In January, the county sent out new assessments to all property owners.
For the Panthers, that came with sticker-shock, with the county saying the stadium is worth $572.3 million. The team said the stadium was losing value, and that it was only worth $87 million.
After an informal review, the county has tentatively agreed to reduce that value to $472 million.
If the $572.3 million tax value had stayed, the team's property tax bill would have been about $5.52 million.
If the $472 million value is approved, the team will be billed about $4.6 million in city and county property taxes.
Earlier this year, Tepper announced he was moving the team's headquarters from the stadium to a new facility in South Carolina.
And last week, Charlotte assistant city manager Tracy Dodson told council members in closed session that Tepper would like to renovate Bank of America Stadium for soccer. The city could be asked to contribute more than $200 million to that project, according to an official who was part of the discussion.