91-0945 & 91-1070 - Centrally Assessed

 

BEFORE THE UTAH STATE TAX COMMISSION

_____________________________________

XXXXX, )

Petitioner, : ORDER OF APPROVAL

v. :

PROPERTY TAX DIVISION OF THE : Appeal Nos. 91-0945

UTAH STATE TAX COMMISSION, : 91-1070

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 $$$$$, based on a system value of $$$$$, an enterprise ratio (market to cost ratio) of XXXXX, a Utah allocated percentage of %%%%%, a total cost of Utah situs property of $$$$$, and a Federally mandated relief percentage of %%%%%. The Property Tax Division has prepared a revised appraisal that relies on a cost indicator in the amount of $$$$$, an income indicator in the amount of $$$$$, and a market indicator in the amount of $$$$$. The correlated system value is $$$$$. The enterprise ratio changed to XXXXX, the Utah allocated percentage changed to %%%%%, the total cost of Utah situs property changed to $$$$$, and the Federally mandated relief percentage remains at %%%%%. The Property Tax Division and the taxpayer agree that the revised XXXXX Utah value should be $$$$$.

Each affected county had standing to object to the assessment of the subject property pursuant to Utah Code Ann. 59-2-1007. On XXXXX, XXXXX County filed an objection. On XXXXX, XXXXX County withdrew their objection.

ORDER

Based on the foregoing, the Utah State Tax Commission hereby finds the market value of the Utah portion 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 2 day of September, 1992.

BY ORDER OF THE UTAH STATE TAX COMMISSION.

ABSENT

R. H. Hansen Roger O. Tew

Chairman Commissioner

Joe B. Pacheco S. Blaine Willes

Commissioner Commissioner