REDEVELOPMENT COM'N OF HIGH POINT v. Guilford County

The question presented to this Court for decision is: Did the Court of Appeals err in holding as a matter of law that real property acquired and held for redevelopment pursuant to the North Carolina Urban Redevelopment law is not exempt from taxation if it produces income?

Appellant claims this exemption from taxation under provisions of Article V, Section 5 of the North Carolina Constitution, which in pertinent part provides: “Property belonging to the State or to municipal corporations, shall be exempt from taxation.” This provision of the Constitution is self-executing. Piedmont Memorial…