Save Money in this Sunday's paper

comments

House OKs Meck tax refund bill

More Information

  • McCrory, GOP leaders unveil new tax plan
  • Moral Monday crowd rallies for women’s rights
  • Bill would weaken neighbors’ ability to fight zoning changes
  • Lassiter named chair of N.C. Economic Development Board
  • Details of consensus tax reform plan

    • The state’s personal income tax, ranging from 6 percent to 7.75 percent, would drop to a flat 5.75 percent at full implementation in 2015. The current 6.9 percent corporate income tax would fall to 5 percent in 2015 with future cuts dependent on state revenues.

    • The plan would expand the 4.75 percent state sales tax to some service contracts and, movies and amusements. The sales tax on electricity would increase to a combined 7 percent.

    • Eliminates personal exemptions but increases the standard deduction to $7,500 for single filer and $15,000 for married couples filing jointly. The mortgage and property tax deduction is capped at $20,000

    • State lawmakers would have $500 million less to spend on government services in next two years, rising to $644 million in fiscal year 2015-16. Over five years, it is $2.4 billion less available for government spending.


  • Details of consensus tax reform plan

    5.75%

    State’s proposed flat personal income tax by 2015, dropped from current range of 6 percent to 7.75 percent.

    5%

    Proposed corporate income tax rate by 2015, a drop from current 6.9 percent; future cuts dependent on state revenues.

    4.75%

    Current state sales tax expanded to some service contracts and movies and amusements.

    7%

    Proposed combined sales tax on electricity, an increase

    $500 million

    Decrease in revenue for government services in next two years, rising to $644 million in fiscal year 2015-2016. Over five years, it is $2.4 billion less available.



RALEIGH The state Senate is expected Wednesday to again take up a bill that would clear the way for Mecklenburg County to reimburse the owners of properties that were assessed too highly in the 2011 revaluation.

The chamber approved an earlier version of Senate Bill 159 back in March. The state House cleared a slightly different version earlier this week.

If the Senate concurs with the revised bill, it will then move to Gov. Pat McCrory for signature.

The 2011 reval drew widespread complaints from homeowners, and an independent study ordered by Mecklenburg commissioners found widespread errors or discrepancies.

Under the bill, the owners of over-assessed properties would receive refunds, with interest, dating back to Jan. 1, 2011, the effective date of the last countywide reappraisal. The owners of properties that were valued too low would receive a new bill.

Since revaluations are governed by the state laws, Mecklenburg County couldn’t authorize refunds or reset values without first getting permission from state legislators.

Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more



Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more


Quick Job Search
Salary Databases
Your 2 Cents
Share your opinion with our Partners
Learn More
CharlotteObserver.com