The meeting was called in opposition to plans to build a purpose-built track, accommodation for 1,100 spectators, parking spaces for around 350 cars and a number of buses. There are also plans to build facilities for drivers.
Residents are concerned about the impact of noise pollution and believe the track could even encroach on a nature reserve.
The meeting was called by Mayor Robert Smith at the request of residents from the area and lasted 90 minutes.
"Around 30 people attended the meeting and everyone - with one exception - was totally opposed to the plan," said Mr Smith.
"It is believed the track would encroach on a nature reserve area, a green belt and a football pitch, and the noise pollution from the meetings and practice sessions would also have to be taken into account.
"It would have a considerable environmental impact, and my information is that a similar plan was turned down two or three years ago.
"I would personally support the provision of a stock car circuit, but perhaps this isn't the right area."
The proposal is from former champion stock car driver and promoter Norman Woolsey, who confirmed that he was making a planning application.
He told the Portadown Times: "A lot of people seem to have got the wrong end of the stick on this one and there is much misunderstanding."
He added that he would be issuing a full statement soon.