GASTON COUNTY, N.C. — Property tax values are doubling and tripling based on the latest revaluation, and part of that cost could be passed on to renters.

Gillespie Properties in Gaston County owns over 500 units. The property manager says based on the latest tax revaluation, the company could take on over half a million dollars in taxes if tax rates stay the same and if none of the costs are passed on to the renters.

What You Need To Know

  • Tax revaluations are out and some people saw their values triple
  • For landlords, that could mean passing some of those costs on to renters
  • A Gaston County company is appealing its revaluation in hopes of a new tax rate to bring costs back down and to continue offering affordable housing 

Holly Gibby has been a property manager with the company for 12 years.

"It's a joy to work in a place where you can help people out. You can provide them a great, safe place to live and an affordable place to live," Gibby said. "It would really, really take a negative affect on us if we had to pass these costs on to our tenants because we really do care about our tenants." 

An apartment complex owned by Gillespie Properties tripled in value, based on the revaluation. Gibby says the average rate at the complex is $1,400, and after the revaluation it would be $1,800.

Gibby says the company is appealing the new tax value.

"Our properties have went up in value. But, it's just so hard when you're hit double and triple that value," Gibby said. "Hopefully, we can see a decrease in the tax rate that we are paying, that all of this can even out and everyone is on the same playing field."

A spokesperson with Gaston County says the current tax rate is 81 cents per $100, the lowest point it has been since 1996.

The Board of Commissioners vote on the new budget and tax rate each year. The Gaston county manager is scheduled to pitch the fiscal year 2024 budget on April 25. After considering the budget and a new tax rate, the board is scheduled to vote on both on May 9.