In re the Appeal of Allred

TIMMONS-GOODSON, Judge.

Randolph County (hereinafter “respondent”) appeals from a final order of the Property Tax Commission (hereinafter “the Commission”), sitting as the State Board of Equalization and Review, which reduced the 1995 and 1996 ad valorem tax appraisals of property owned by Bobby J. Allred, A. Leonard Allred, Carl L. Allred and Evelyn Allred Ward (hereinafter “petitioners”). Petitioners purchased an industrial building and tract of land located in Randolph County, North Carolina, from Gai-Tronics Corporation for $1,200,000.00 on 10 November 1993. Gai-Tronics had purchased the…