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Charlotte Area

Carolina Panthers Get Big Break In Tax Value Of Stadium

Bank of America Stadium
HangingCurve
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Wikimedia Commons
Bank of America Stadium originally was valued at $572 million a year ago.

After Carolina Panthers owner David Tepper paid an NFL record $2.28 billion for the team in 2018, the county’s tax assessor, Ken Joyner, valued the stadium at $572 million in January 2019. That was up from the old value of $134 million.

The team immediately appealed, and Joyner agreed to reduce that value to $384 million.

But the Panthers continued their appeal, and won a second reduction Friday. Mecklenburg County's Board of Equalization and Review assigned the stadium a new value of $215 million. 

That new value means the team will save about $1.7 million on this year’s city and county tax bill.

Joyner disagreed with the decision. He said the team’s investment in the 23-year-old stadium had improved the facility, and extended its life.

Those renovations included $75 million of public money from the city of Charlotte.

"We thought it would be interesting to the city that they had spent a significant amount of money investing in the property between 2014 and 2018, and by contract it stated that the improvements should be made to extend the life of the property, and the betterment of the property," Joyner said.

The Panthers had said the value of the stadium should have been much less – at $87 million. The team can still appeal to the state.

The Charlotte City Council last month voted in closed session to make a “financial commitment” to Tepper to spend $110 million in public money to help him land a Major League Soccer Team.