Freezing revaluations is the wrong fix

A moratorium would make the system less honest without solving the real problem.

I’ve written a lot about property taxes lately, and I’m thrilled that both the North Carolina House and Senate are taking the issue seriously. But I have serious concerns about where the Senate appears to be headed.

The N&O just reported that Sen. Phil Berger is looking at moving quickly on a bill to freeze property tax revaluations. I get the argument for it. Some local governments have used soaring property values as a way to bring in a lot of revenue and spike homeowner tax bills.

A moratorium on property tax revaluations may sound like relief. It may even produce some in the short-term. But it is the wrong tool for the job, because the problem is not really about property values. It is about tax rates, tax collections, and the lack of accountability around both. Those are very different problems.

That distinction matters more than it may seem at first. Revaluations are supposed to tell us what property is worth. They should be accurate, current, and connected to the market as best th…