90-1152 - Centrally Assessed

 

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