AG19861006 - Laserfiche WebLink

Home Browse Search

Mr. John R. Boger, Jr. September 9, 1986 Page 2 commercial and industrial property to the true market value of such property is less than 95%. Therefore, the railroads' tax liabilities for the 1983 tax year will be determined based upon this agreement (a) that the ratio of the value of locally assessed real and personal commercial and industrial property to the true market value of such property in Cabarrus County for 1983 is 100% and (b) that the railroads' system property (including both real and personal property) allocated to Cabarrus County shall therefore be taxed at 100% of the value of such property certified to Cabarrus County for the 1983 tax year by the North Carolina DePartment ~f Revenue pursuant to North Carolina General Statutes ~105-340. 3. This agreement shall be deemed to establish only the percentage by which the true value of the railroads' system property will be reduced to reflect the railroads' entitlement to equalization relief for 1982 and 1983 under the Railroad Revitalization and Regulatory Reform Act of 1976. The equalization ratios, if any, for future years are not determined or agreed upon in this .letter. The true value of the railroads' system property and the railroads' obligation, if any, to pay interest or penalties in connection with 1982 and 1983 property tax assessments shall be dete]~ined as provided by law. 4. Counsel:- for Ca~arru~ :County ~nd -_the~_-rai-l~oads±wi~.~ cause a--joint ~o~ice=of ~ismissal:~in~-the-fore ,tracheal hereto'to be exe6~ted inconhection with the legal action now pending in the United States District Court for the Eastern District of North Carolina entitled High Point, Thomasville and Denton Railroad Company, et al. v. Mark G. Lynch, Secretary of Revenue of the State of North Carolina, et al. (Civil Action No. 83-1243-C/V-5). 5. This offer will be accepted by signature of the county attorney in the space provided below. By signing below, the county attorney personally warrants that he has adequate authority to accept this offer on behalf of the county, that the agreement proposed in this letter is enforceable according to its terms and that the county shall be legally bound thereby. If this offer is accepted by the county, please sign and return a copy of this letter together with the executed notice of dismissal in the legal action.