Appeal of Lane Company - Hickory Chair Division

COA01-1343, Appeal of Lane Company - Hickory Chair Division v. Catawba County, Court of Appeals case of 99 PTC 202. "The tax assessment was significantly greater than the valuation offered by Taxpayer's expert witness and accepted by the Commission. The presumption of correctness was rebutted; once rebutted, the county did not offer additional evidence to meet its burden to show its valuation was the "true value". The Commission's decision is supported by substantial evidence in the record and is affirmed."

99 PTC 202, Appeal of Lane Company - Hickory Chair Division v. Catawba County, manufacturing facility with physical deterioration and functional obsolescence. "The County employed an arbitrary method of appraisal in reaching the assessed value that the County Board assigned to the subject property for tax year 1999. The County's appraisal of the subject property did substantially exceed the true value in money of Taxpayer's property as of January 1, 1999."