A re-do of Mecklenburg Countys maligned 2011 property tax revaluation took another step closer to reality Thursday, but property owners who overpaid will now likely receive less money back in interest.
The bill sailed through a N.C. House committee Thursday without a dissenting vote.
But changes introduced Thursday reduce the interest rate paid on overpayments to 5 percent, down from about 10 percent. Rep. Bill Brawley, the Matthews Republican pushing the bill, said the county had asked for the change. He said a 5 percent interest rate is fair in this economic environment.
People deemed to have underpaid will not be charged interest on the difference.
The bill is a result of the wave of complaints and challenges to the 2011 tax revaluation. An independent study found widespread errors. Some properties appraised values were found to differ by 40 percent or more of their true values.
The bill still must face two more committees before coming to a full House vote. The N.C. Senate passed a similar bill 48-1 last week.
Dunn: 704-358-5235 Twitter: @andrew_dunn
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