In re the Appeal of Senseney

LEWIS, Judge.

Hyde County revalued all property for property tax purposes effective 1 January 1987. The taxpayers’ land consists of two adjacent lots, Tracts 113 and 114, located on the east side of Silver Lake, a bay on Ocracoke Island.

Tract 113 is a lot approximately 80 feet by 150 feet with a commercial building known as the Community Store. The taxpayers purchased this property in 1980 for $125,000.00. Hyde County assessed a value of $120,000.00 on the land and $112,970.00 on the improvements for a total of $232,970.00.

Tract 114 is a lot approximately 138’feet by 108 feet improved with…