Mecklenburg County Cuts Bank Of America Stadium Value By $100M
Mecklenburg County (NC) officials have "agreed to decrease the assessed value of Bank of America Stadium" by about $100M, which could save the NFL Panthers $1M on their "next property tax bill," according to a front-page piece by Danielle Chemtob of the CHARLOTTE OBSERVER. The county conducted its "first property revaluation" since '11, when the value of the stadium "surged by 324%," from just under $135M to $572.3M. In September, the county "lowered the value of the stadium and related property the team owns" to $472M. However, the team "contends the value should be lowered even further." In February, the Panthers "argued that it should be worth" $87M, and that they "base that estimate on the 'recent purchase'" of the team. Property owners are "allowed to request a formal appeal, even as the informal process is still ongoing." The Panthers are "moving forward with the formal appeal, despite the initial value reduction." The team's request for a lower valuation "comes amid reports" that Owner David Tepper could ask the city of Charlotte for up to $215M in "funds for stadium renovations and other costs associated with acquiring" an MLS team (CHARLOTTE OBSERVER, 10/7).