'Functional obsolescence’: Mecklenburg Co. slashes assessment of Bank of America Stadium

CHARLOTTE, N.C. — Bank of America Stadium is in "average condition," has "functional obsolescence" and "does not easily accommodate non-football events," according to arguments made by people representing the Panthers at the Board of Equalization and Review meeting.

The Panthers challenged Mecklenburg County's assessment of Bank of America Stadium. The land the stadium sits on is owned by the city of Charlotte and provided to the Panthers at a rate of $1 per year. The assessment in question specifically dealt with the stadium and its worth.

The county and team differed on its value.

"As an individual who has attended the stadium on multiple occasions, I find the stadium to be very adequate for the purpose it is set," Tax Assessor Ken Joyner said.

The county originally set the value of the stadium at more than $572 million. After the informal review, the figure was slashed to $472 million. The tax assessor's office proposed a value of $384.3 million during the BER meeting Friday.

Part of the reason the county slashed the figure so dramatically is because the city owns many of the improvements that have been made to Bank of America Stadium over the years. For example, the city owns the escalators that were installed in the stadium during the most recent round of renovations.

To challenge the county's assessment, the Panthers hired an independent appraiser. The team argued that the stadium is actually only worth $87.5 million.

"We have the oldest stadium in the NFL, we are getting older," Panthers COO Mark Hart said. "Things like concrete and joints, those things deteriorate. That's just the natural state of where we are."

After a five-hour hearing before the BER, the board decided to slash the assessment to $215 million. That means the Panthers owe a property tax bill of $2.1 million, based on the 2019 city and county property tax rates.

But when you look at what the figure that was originally proposed, cutting more than $357 million off the value means the Panthers are saving $3.4 million in property taxes.

"As a dollar amount I think it would have to be the largest drop we have seen," Joyner said.

Hart said the Panthers considered the BER decision a “good step forward.” No decision has been made whether the team will appeal.

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