Carolina Panthers Say Value Of Bank Of America Stadium Should Be Cut By $485 Million

Mar 13, 2019

The Carolina Panthers have filed an appeal of their recent property tax valuation, saying that Bank of America Stadium's tax value should be slashed from $572.3 million to $87.3 million - a drop of $485 million.

In an appeal to Mecklenburg County, the Carolina Panthers said Bank of America Stadium's tax value should be dropped by nearly $500 million.
Credit Mecklenburg County

In January, as part of Mecklenburg County's property revaluation, the tax value of the stadium increased dramatically, from $135 million in 2011 to $572 million. That was likely due, in part, to Panthers owner David Tepper paying an NFL-record $2.3 billion for the team, which included the stadium.

The team’s property tax bill last year was $1.84 million.

The city of Charlotte and Mecklenburg County have not set their tax rates for the upcomng fiscal year. But if those rates stay the same - and the stadium's value remains at $572 million - the team would pay an additional $6 million a year in property taxes.

The team sent the county an appeal notice in February. The form asks the property owner what they believe is the fair value of their property.

The team's new chief financial officer, Kristi Coleman, wrote that the stadium's value should be $87,283,487. She said that's based on the team's recent purchase price.

Coleman couldn't be reached for comment Wednesday.

Leo Caplanides of the Mecklenburg County assessor's office said officials there will "reach out" to the team, and that it will handle its appeal with the "same process as everyone else."

Tepper on Wednesday met with South Carolina Gov. Henry McMaster and legislative leaders about moving the team's headquarters and practice facility to either York or Lancaster counties.

In a news conference, McMaster said the team would move all 150 employees, including the players, to South Carolina. The organization's total payroll is $190 million.

If the move goes through, North Carolina would likely lose millions of dollars in state income taxes.

Under previous owner Jerry Richardson, the team had asked the city if there was a way it could not pay property taxes. The city, which was negotiating with the Panthers on stadium improvements, declined to ease the team's tax bill.

The Panthers did get some tax relief last year when the legislature passed a bill that exempted the team (and others) from paying property taxes on below-market-value land leases. The city of Charlotte owns the land under the stadium, and it leases that property to the team for $1 a year.

The Charlotte Observer reported last year that the city and county lost $524,000 in property tax revenue from the stadium.

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