Taxes are one of two things in the world.
Nobody likes to pay them – but the NC Association of County Commissioners (NCACC) is working against House Bill 119 entitled “Property Tax Relief for Corporations Affected by COVID”.
The bill, filed in late February, would provide financial relief to businesses in trouble by allowing owners to work out plans to pay property taxes rather than paying the entire bill by the due date. In some cases, the bill will also provide for a property tax review due if the property has fallen significantly in value.
A recent statement released by the NCACC said the organization is opposed to the adoption of the bill as it is now being written because of concerns about what it could mean for the counties’ revenue streams in North Carolina.
“As companies across the state seek relief for COVID-19 losses,” the NCACC recently stated in a newsletter to North Carolina County officials, “property tax deferrals or exemptions are not an appropriate remedy.”
NCACC officials said they would continue to work with sponsors of the law to “find ways in which counties can support business” – but added that House Bill 119 is not the way to do it. One of these sponsors is Rep. Jon Hardister (R-Guilford).
North Carolina county officials were concerned about how to deal with the costs associated with the pandemic – especially amid fears that their counties will experience a decline in sales tax revenues due to the negative impact the pandemic has on economic activity.
Guilford County, Mecklenburg County, and Wake County received heavy payouts from the federal government’s first COVID-19 stimulus plan in 2020 to fill the void, but the state’s other 97 counties didn’t get nearly as much relief.