Legislators concerned about cap on tax-revenue increases - Winston-Salem Journal: State / Region

Monday, July 6th, 2015

Legislators concerned about cap on tax-revenue increases

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Andrew Brock

Posted: Wednesday, May 14, 2014 9:30 pm

RALEIGH – A proposal to cap property-tax revenues collected by cities and counties in North Carolina was aimed at protecting property owners from seeing tax bills increase exponentially if impending shale-gas exploration sends property values skyrocketing, state Sen. Andrew Brock, R-Davie, said Wednesday.

Under a section of the draft Energy Modernization Act, cities could collect property tax revenues at levels “no more than 8 percent from the city property-tax revenues for the prior fiscal year.” The cap would affect all 100 counties as well.

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