91-0965 - Centrally Assessed

 

BEFORE THE UTAH STATE TAX COMMISSION

_____________________________________

XXXXX, )

Petitioner, : ORDER OF APPROVAL

v. :

PROPERTY TAX DIVISION OF THE : Appeal No. 91-0965

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 and stipulated that the original XXXXX Utah valuation computed by the Property Tax Division for XXXXX is $$$$$, based on a system value of $$$$$ and a Utah allocated percentage of %%%%%. The Division has proposed an adjustment to the income approach. The Division and the Taxpayer acknowledge that when calculating an effective tax rate for purposes of estimating net operating income, dividend income received by the Taxpayer should be considered as nontaxable income. This results in a reduction to the income approach from $$$$$ to $$$$$. The Division and the Taxpayer agree that the revised system value should be $$$$$. The Utah allocated percentage remains unchanged at %%%%% resulting in a revised Utah value of $$$$$.

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 18 day of September, 1991.

BY ORDER OF THE UTAH STATE TAX COMMISSION.

R. H. Hansen Roger O. Tew

Chairman Commissioner

Joe B. Pacheco S. Blaine Willes

Commissioner Commissioner