I know firsthand how skyrocketing property taxes are undermining the American Dream for current and future generations. Revaluation-fueled increases in property tax bills are blowing up family budgets in Cabarrus County and across North Carolina. This forces many to choose between paying their tax bills and putting food on the table. It’s time to act decisively: a constitutional amendment to cap annual and lifetime increases on the taxable value of primary residences.
Let’s start with the facts. Revaluation-based property tax increases are essentially a tax on unrealized gains — hard stop. Next, North Carolina’s property taxes, while lower than national averages, have seen dreadful trends in recent years. The state’s average effective property tax rate stands at about 0.73%. However, this masks the pain of rapid escalations driven by booming real estate markets and periodic revaluations.
From 2012 to 2019, home prices in North Carolina grew moderately at 2-6% annually. But post-pandemic surges have accelerated this to double digits. In Wake County, for instance, property values rose an average of 51% between 2020 and 2024. This led to higher tax burdens even if rates remained flat. This is a problem statewide. This isn’t just statistics — it’s families facing displacement as taxes outpace cash flow. It’s an armed confrontation extorting more money from people on a fixed income; pay or else. It’s the wind driving us toward an entirely avoidable crisis.
Cabarrus County exemplifies this crisis. As one of North Carolina’s fastest-growing areas, my county has experienced explosive population increases, driving up property values and, recklessly, taxes. Department of Revenue data shows that Cabarrus County’s property tax rate has moved between 0.74 and 0.576 cents per $100 of valuation in recent years, but the real sting comes from reappraisals, massive government budgets, and “special” projects.
The 2023 revaluation revealed an average 49% increase in residential property values, pushing many homeowners’ bills upward by hundreds of dollars despite theatrical performances over adjusting rates downward. It didn’t have to be this way; the revenue-neutral tax rate was approximately 0.527, but the county commissioners adopted a 0.576 rate instead and an unprecedentedly high budget. Our property tax bill went higher. Again, it’s the tax bill, stupid.
If local governments want to raise taxes, they can. Sit on the dais, cast a vision, and get the buy-in of residents or get voted out.
With fiscally liberal officials, our local governments have lost the ability to tell themselves no. Over the last decade, similar spikes have occurred. In 2019, values jumped significantly post-recession, leading to a wave of frustration among residents. Seniors on fixed incomes and young families are hit hardest — some have been forced to sell homes they’ve owned for decades because taxes doubled overnight. This isn’t good governance; it’s a typical liberal philosophy that punishes success and stability. It reflects a failed fiscal approach that has crushed communities all over the nation.
Compare this to Florida, where conservatives have long championed homeowner protections. The “Save Our Homes” (SOH) amendment caps annual increases in the assessed value of primary residences at the lower of 3% or the change in the Consumer Price Index. This simple limit prevents vicious tax hikes due to changes in property values, providing stability for families. As a result, Florida homeowners have greater housing security, with long-term residents saving billions in potential taxes. Florida’s cap ensures security for those who’ve invested long-term in their communities. I live in Harrisburg in Cabarrus; our effective rate is 0.97 with no protection from revaluations. Like many families, we dread the August property tax bill, which can easily impact decisions about Thanksgiving and Christmas.
North Carolina must act now. The proposed constitutional amendment Republicans are drafting mirrors SOH by limiting annual taxable value increases on primary residences to the lower of 3% or CPI, and the total increase to 20%. This is about responsible government — it’s about preventing the government from profiting off inflated markets while pretending to help by manipulating the tax rate narrative. It’s the property tax bill, stupid.
Conservatives believe in empowering individuals, not bloating bureaucracies. Existing programs, like the homestead exemption for seniors and disabled veterans, are laughably insufficient. A cap would complement these, targeting all primary homeowners while preserving local revenue for essentials like schools and law enforcement, leaving money in the pockets of homeowners to use as they please.
Critics may argue this could strain local budgets, but history shows otherwise. Florida thrives despite SOH, with property taxes comprising 30% of local revenue — like us. In our state, property taxes fund 20-30% of local budgets; a cap would force smarter spending, aligning with conservative principles. Without action, the avoidable crisis continues its walk into our homes. We’ll see more families uprooted, exacerbating the housing crisis, impacting children, and breaking the back of the American Dream in North Carolina. As values continue rising — projected at 80-90% in some counties like Carteret during recent reappraisals — we risk taxing out the very people North Carolina is built upon.
Whose side are we on? Let’s reclaim control of our homes and stop unchecked property tax increases. I am optimistic my colleagues in the General Assembly will find a way to advance this constitutional Amendment and let voters decide. Our homes depend on it.
