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RUFF, BOND, COBB, WADE & MCNAIR <br /> <br /> A'i-FORNIEY~; AT LAW <br /> <br />TO:' Board Chairmen, Managers, Attorneys and Tax Supervisors <br />FROM: Hamlin L. Wade <br />SUBJECT: Railroads v. State of North Carolina <br />DATE: August 28, 1981 <br /> <br />GentlemDn: <br /> <br />For the past three days we have been taking depositions in Raleigh and <br />doing so~e negotiating in connection with the Railroad Case. Late <br />Thursday afternoon some concessions were made by all parties which led <br />to some stipulations in the suit. These stipulations will benefit each <br />and every county to some degree and some counties to a much larger degree. <br />One of the major issues has been the validity of the sales ratio study <br />prepared by the railroads, both in terms of the overall credibility of <br />the study and whether the railroads made the proper type of study. There <br />are other legal and factual questions ~pr which no common ground could <br />be reached and, therefore, no stipulations can be entered into. However, <br />the ratio study with respect to locally assessed real estate was the <br />largest and most time consuming issue, and we have agreed to certain <br />stipulaCions concerning that issue. In substance, the stipulations are: <br /> <br /> (1) The railroads have agreed to accept a ~ales ratio study <br /> prepared by any county for commercial and industrial ~eal <br /> property using all sales of such property for the calendar <br /> year 1979 and arriving at a median ratio. If the county ratio <br /> is higher than the ratio alleged by the railroads, the <br /> railroads will accept the higher ratio provided the ratio <br /> study is presented to the railroads at some time during the <br /> week of August 31 through September 4. The study need be only <br /> in the form of a listing of all qualified sales (giving <br /> proper identification such as dead book, page numbe=, use <br /> class, parcel identifier, assessment and sales price), with <br /> the individual transaction ratios ranked in ascending order <br /> from the lowest to the highest ratio. The railroads reserve <br /> the right to check behind the figures and to check with the <br /> tax offices co see if all commercial and industrial sales <br /> were obtained. <br /> <br /> - OVER - <br /> <br /> <br />