In Re the Appeal of Interstate Income Fund I

WALKER, Judge.

Marketplace Income Properties, L.P. (Marketplace) owns two contiguous parcels of real estate located in Winston-Salem off of the Peters Creek Parkway commercial corridor. The property consists of 24.01 acres, with 142,047 square feet of leasable space in a discount shopping mall, and a theater which has an area of 21,066 square feet. The properties were purchased in 1986 for $14,100,000.00. As of 1 January 1993, Forsyth County (the County) valued Marketplace’s property for ad valorem tax purposes at $13,277,600.00. This value was increased to $13,401,200.00 following an appeal…