NC Property Owners Slash Taxes with Affordable Housing Exemption
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
North Carolina property owners, in partnership with nonprofits, are leveraging a state Supreme Court ruling to significantly reduce their tax bills, with over $745 million in property value removed from Wake Countys tax rolls. This strategy, which transforms regular apartments into tax-free affordable housing zones, has raised concerns about potential tax hikes or service cuts for homeowners. Properties like FBRT Six Forks Owner and KV Regatta have seen taxes plummet from hundreds of thousands to mere thousands, saving millions. However, the sudden qualification of these units and the lack of transparency from property groups have left counties scrambling to address the growing exemptions.
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