Can our elected officials really believe statements like this from Paul Wilms, director of government affairs for the N.C. Home Builders Association, "the bill will ultimately benefit counties by making homes more affordable to first-time homebuyers. It will cost local governments in the short term, but that is insignificant compared to the contributions,” he said."House Bill 648 and Senate Bill 508 - dubbed the Exempt Builders’ Inventory - would exempt developers from paying property tax increases on the value of any improvements made in developing their land for up to five years.
The result could be a loss of more than $1.38 million in tax revenue for the county, local municipalities and fire departments.
The average citizen “will be paying higher taxes,” said Iredell County Tax Administrator Bill Doolittle.
No wonder our local governments are in such financial straits.
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