BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX, )
Petitioner, : ORDER OF APPROVAL
v. :
PROPERTY TAX
DIVISION OF THE : Appeal No. 91-0990
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 $$$$$, based on a system value of
$$$$$, a Utah allocated percentage of mobile flight equipment of %%%%%, and a
federally mandated relief percentage of 10%.
The Property Tax Division has prepared a new appraisal which relies on a
cost approach in the amount of $$$$$, and an income approach in the amount of
$$$$$. The Division and the taxpayer
agree that the correlated market value of the system should be $$$$$. The Utah allocated percentage of mobile
flight equipment has been reduced to %%%%%.
The enterprise ratio (market to cost ratio) has been reduced from XXXXX
to XXXXX. The total cost of mobile
flight equipment which is applied to the Utah allocation factor and the
enterprise ratio has been increased from $$$$$ to $$$$$. The federally mandated relief percentage
remains at 10%. This results in a
revised allocated Utah value of $$$$$.
Therefore, the value is adjusted from $$$$$ to $$$$$ for the XXXXX tax
year.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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 11 day of March, 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