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In a case decided on August 2, 2011, In re Appeal of Blue Ridge Mall LLC, No. COA10-1487, the Court of Appeals, in affirming the decision of the North Carolina Property Tax Commission (“PTC”) lowering the assessed value of a regional mall, comprehensively summarized the law of North Carolina relating to the assessment of income producing properties, the burden of production and proof, and the review of a PTC decision by an appellate court under a whole record review
