In the Matter of Appeal Of: the Greens of Pine Glen Ltd. Partnership From the Decision of the Durham County Board of…

Summary

The court held that Durham County's use of the cost approach to value a low-income housing property was neither illegal nor arbitrary, because the property owner's rent restrictions were voluntary contractual terms exchanged for tax-credit benefits rather than governmental restrictions that necessarily reduced taxable value. The taxpayer therefore failed to rebut the presumption that the assessment was correct, and the court reversed the Court of Appeals. The court nevertheless remanded for correction of the property's square-footage value in the final administrative decision.