BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX,
Petitioner, : ORDER OF APPROVAL
:
v. :
PROPERTY TAX
DIVISION OF THE : Appeal No. 90-1183
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 $$$$$, based on a system value of
$$$$$, a Utah allocated percentage of XXXXX equipment of XXXXX, and a federally
mandated relief percentage of XXXXX.
The Property Tax Division has prepared a new appraisal which relies on a
cost approach in the amount of $$$$$, and an income approach in the amount of
$$$$$. The Division and the taxpayer
agree that the correlated market value of the system should be $$$$$. The Utah allocated percentage of XXXXX
equipment remains at XXXXX. The
federally mandated relief percentage remains at XXXXX. This results in a revised allocated Utah
value of $$$$$. Therefore, the value is
adjusted from $$$$$ to $$$$$ for the XXXXX tax year.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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 24th day of February, 1992.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
ABSENT
R. H. Hansen Roger
O. Tew
Chairman