North Carolina Court Overturns Ruling in LIHTC Assessment Case
The State Supreme Court of North Carolina overturned a decision of the North Carolina Court of Appeals requiring counties to consider rent restrictions when assessing low-income housing tax credit (LIHTC) properties. The court ruled that the taxpayer — Greens of Pine Glen, Ltd. — failed to prove that the assessment was illegal or arbitrary and stated that the tax assessor did not have to consider the rent restricted nature of the project when assessing the project. Attorneys for the Greens of Pine Glen argued that rent restrictions are similar to zoning provisions and are typically taken into account on assessments. Click here for a copy of the ruling.