BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX, )
Petitioner, : ORDER OF APPROVAL
v. :
PROPERTY TAX
DIVISION OF THE : Appeal No. 91-1084
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 $$$$$, based on a system value of
$$$$$, a Utah allocated percentage of mobile flight equipment of %%%%%, an
Enterprise Ratio (market to cost ratio) of XXXXX, and a federally mandated
relief percentage of %%%%%. The Property
Tax Division has prepared a new appraisal which relies on a cost approach in
the amount of $$$$$, an income approach in the amount of $$$$$, and a stock
& debt approach in the amount of $$$$$.
The Division and the taxpayer agree that the correlated market value of
the system should be $$$$$. The Utah
allocated percentage of mobile flight equipment has been reduced to %%%%%. The Enterprise Ratio (market to cost ratio)
has been increased to XXXXX. The total
cost of mobile flight equipment which is applied to the Utah allocation factor
and the Enterprise Ratio has been reduced from $$$$$ to $$$$$. The federally mandated relief percentage
remains at 10%. This results in a
revised allocated Utah value of $$$$$.
Therefore, the value is adjusted from $$$$$ to $$$$$ for the XXXXX tax
year.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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 24 day of February, 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