BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX,
Petitioner, : ORDER OF APPROVAL
v. :
PROPERTY TAX
DIVISION OF THE : Appeal No. 90-1152
UTAH STATE TAX COMMISSION, :
Respondent. :
_____________________________________
STATEMENT OF CASE
The
above-captioned matter involves an appeal to the Utah State Tax Commission from
the assessment by the Property Tax Division on the subject property. Petitioner asserted that the subject
property should have a lower market value as of the lien date XXXXX.
Petitioner
and Respondent have agreed that adjustment to the valuation is necessary. The original XXXXX Utah valuation computed
by the Property Tax Division for XXXXX is $$$$$, based on a system value of
$$$$$, a Utah allocated percentage of XXXXX equipment of XXXXX, and a federally
mandated relief percentage of XXXXX.
The Property Tax Division has prepared a new appraisal and relied on a
cost approach in the amount of $$$$$, an income approach in the amount of $$$$$,
and a stock and debt approach in the amount of $$$$$. The Division and the taxpayer agree that the correlated market
value of the system should be $$$$$.
The Division and the taxpayer also agree that the amount of Utah XXXXX
property reported on the original assessment should be adjusted for property
which the taxpayer has now validated is actually located outside of Utah. The Utah allocated percentage of XXXXX
equipment has been changed to XXXXX.
The federally mandated relief percentage remains at XXXXX. This results in a revised allocated Utah
value of $$$$$. Therefore, the value is
adjusted from $$$$$ to $$$$$ for the XXXXX tax year.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §59-2-1007. XXXXX County filed an objection on XXXXX. On XXXXX, XXXXX County withdrew their
objection. No other counties objected.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
The
Property Tax Division is hereby ordered to adjust its records in accordance
with this order of approval. The
affected County Auditors are also authorized to adjust their records in
accordance with the revised notice of assessment.
DATED
this 21st day of April, 1992.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
R. H. Hansen Roger
O. Tew
Chairman Commissioner
Joe B.
Pacheco S.
Blaine Willes
Commissioner Commissioner