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Board of Equalization sets Rocky Mount Mills assessed value at $16.73 million after quasi-judicial hearing
Summary
After a quasi-judicial appeal, the Nash County Board of Equalization and Review set the assessed value for the Rocky Mount Mills property at $16,728,170, rejecting the taxpayer's lower income-based figure and the county's earlier higher replacement-cost figure.
After a quasi-judicial hearing conducted Sept. 8, the Nash County Board of Equalization and Review set the taxable assessed value for the Rocky Mount Mills property at $16,728,170.
The appellant (taxpayer) argued the income approach best reflected market value and proposed a combined approach averaging actual development cost and the 2023 income performance, yielding a requested value of $13,463,502. County appraisers and the county attorney presented a combined-income-and-cost approach that used the county’s replacement-cost calculations and a 7.5% cap-rate approach to income; the county recommended a value of $16,728,170 after adjustments for condition, measurement corrections and averaging permitted under state case law.
The hearing record shows the appraisal manager confirmed earlier square-footage errors had been corrected by county staff and said the 2020 assessed value had been reduced previously after an earlier review. The county and appellant exchanged analysis and cap-rate support; the appellant urged use of a higher market cap rate and reliance on actual development costs, while county staff defended the use of the county schedules and combined approaches used during reappraisal.
Following sworn testimony from county appraisal staff and the taxpayer’s representative, Commissioner Davis moved to set the assessed value at $16,728,170; Commissioner Arrington seconded the motion, which passed unanimously. The board noted the value will remain until a future revaluation or new improvements change the property's taxable value. Any refund claims related to past taxes would follow the statutory appeal/refund process, but staff noted existing historic and brownfield tax incentives substantially reduced the property’s tax bills in recent years.
This decision resolved a single pending appeal (tax parcel 003373) that had been under review since an earlier July hearing and closed the 2025 Board of Equalization and Review session.
