Uptown towers and Ballantyne offices. How property values changed for 10 notable buildings.
Hundreds of thousands of homeowners received notices this past week with new property values. The notices likely brought a sense of sticker shock with some seeing increases ranging from 100% to 400% compared to four years ago.
But what about some of the Charlotte area’s more prominent buildings? We now know how much each of Charlotte’s sports arenas, stadiums, offices and other buildings are worth. Owners of each of these buildings received notices for the 2023 Mecklenburg County property revaluation.
We took a look at 10 buildings you might know about. Most saw double-digit increases, but not all did. Charlotte’s tallest tower, for example, went up by only about 5% while another nearby tower saw an almost 20% increase. The Asian Corner Mall, in a fast-growing part of Charlotte that’s being redeveloped, jumped nearly 73% while an office building in Ballantyne only saw a half-percent increase.
It’s important to remember that these new values are not tax bills. Local municipalities will set tax rates in the coming months, at which point property tax bills will be sent out.
Local governments could lower tax rates to a revenue-neutral rate — the rate needed to bring in the same amount of money as the previous year’s budget. By law, local governments are required to publish the revenue-neutral rate, but can choose to set it higher or lower.
Here’s a look at the well-known properties, everything from an office building in Ballantyne to the Asian Corner Mall.
One important note: The following list includes four properties that are owned by the city of Charlotte. By North Carolina law, properties owned by federal, state or local governments are fully exempt from property taxes. These properties, though, are still assigned new property values.
They are: Bank of America Stadium, the Spectrum Center, Bojangles Coliseum and NASCAR Hall of Fame.
Bank of America Corporate Center
Address: 100 N. Tryon St.
Previous value: $352,349,500
Current value: $369,306,700
Percent change: 4.8
Bank of America Stadium
Address: 820 S. Mint St.
Previous value: $215,000,000
Current value: $270,000,000
Percent change: 25.6
Truist Tower
Address: 214 N. Tryon St.
Previous value: $362,501,400
Current value: $430,733,500
Percent change: 18.8
Bojangles Coliseum
Address: 2700 E. Independence Blvd.
Previous value: $60,620,000
Current value: $67,264,700
Percent change: 10.96
Spectrum Center
333 E. Trade St.
Previous value: $369,270,800
Current value: $397,958,000
Percent change: 7.8
NASCAR Hall of Fame
Address: 400 E. Martin Luther King Jr. Blvd.
Previous value: $197,347,900
Current value: $199,203,700
Percent change: 0.9
SouthPark Towers
Address: 6000 and 6100 Fairview Road
Previous value: $87,909,100 (6000 Fairview), $71,008,300 (6100 Fairview)
Current value: $105,884,500 (6000 Fairview), $79,618,000 (6100 Fairview)
Percent change: 20.4 (6000 Fairview), 12.1 (6100 Fairview)
PNC Music Pavilion
Address: 707 Pavilion Blvd.
Previous value: $7,068,100
Current value: $8,252,200
Percent change: 16.8
Ballantyne Harris Building
Address: 13024 Ballantyne Corporate Place
Previous value: $64,000,000
Current value: $64,288,600
Percent change: 0.5
Asian Corner Mall
Address: 4520 N. Tryon St.
Previous value: $6,201,900
Current value: $10,725,600
Percent change: 72.9
This story was originally published March 23, 2023 at 10:49 AM.
