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[V~AUPIN TAYLOR ELLIS & ^DAMS, P. A. <br /> September 9, 1986 <br /> <br />Mr. John R. Boger, Jr. <br />Williams, Boger, Grady, Davis & Turtle, P.A. <br />P. O. Box 810 <br />147 Union Street <br />Concord, North Carolina 28026 <br /> <br />Re: High Point, Thomasville and Denton Railroad Company, et <br /> al. v. Mark G. Lynch, etc., et al.; <br /> Civil Action No. 83-1243-CIV-5 - Cabarrus County <br /> <br />Dear Mr. Boger: <br /> <br /> The plaintiff-railroad companies in the above-entitled - - : <br />action ("the railzoads")-hereby offer.to,resolve.matters <br />related to:their entitlement to.equalization'relief under - , <br />the Railroad Revitalization and~Regulatory Reform Act of .~ <br />1976 with respect to Cabarrus County property tax <br />assessments for the 1982 tax year as follows: <br /> <br /> 1. The railroads' tax liabilities for the 1982 tax <br />year will be determined based upon this agreement (a) that <br />the ratio of the value of locally assessed real and personal <br />commercial and industrial property to the true market value <br />of such property in Cabarrus County for 1982 is 44.06% and <br />(b) that the railroads' system property (including both real <br />and personal proper~y) allocated to Cabarrus County shall <br />therefore be taxed at 44.06% of the value of such property <br />certified to Cabarrus County for the 1982 tax year by the <br />North C~rolina Department ~f Revenue pursuant to North <br />Carolina General Statutes ~105-340. <br /> <br /> 2. Cabarrus County reappraised in 1983 and produced <br />its own ratio study for that tax year showing a median ratio <br />of 95%. Under the Railroad Revitalization and Regulatory <br />Reform Act, the railroads are not entitled to equalization <br />relief unless the median ratio of locally assessed <br /> <br /> <br />