Cabarrus County revamps business incentives to set aside money for property tax relief

New policy directs half of the net tax revenue remaining after incentive grants into a reserve fund that commissioners can use to reduce or stabilize the property tax rate.

Commissioners during Monday’s special called meeting. Screenshot via Cabarrus County’s YouTube page.

Cabarrus County is changing the way it provides incentives to businesses — with part of the tax revenue generated by those projects now set aside to help lower property taxes for residents.

The Cabarrus County Board of Commissioners approved a new business development grant policy Monday that creates what the county is calling the “People’s Tax Reduction and Reinvestment Reserve Fund.”