WILMINGTON (AP) The North Carolina Supreme Court says Brunswick County illegally increased the tax value of lots owned by a coastal development company in 2008.
The StarNews of Wilmington reported (http://bit.ly/129eYq7) the justices’ decision Tuesday was in favor of Ocean Isle Palms, LLC, a subsidiary of The Coastal Companies. The company is the biggest developer in Brunswick County.
The court agreed the properties were reassessed in a year they were not supposed to be revalued. Coastal Companies CEO Mark Saunders says the reassessment put a strain on his business and clients during the Great Recession.
Brunswick County officials are working to revalue the hundreds of lots, work that could take months. The county had argued it valued the properties too low during a 2007 reassessment.