BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX, )
Petitioner, : ORDER OF APPROVAL
v. :
PROPERTY TAX
DIVISION OF THE : Appeal No. 91-1158
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 $$$$$, based on a
system value of $$$$$ and a Utah allocated percentage of 7.04%. The Division has proposed an adjustment to
the income approach. The Division and
the Taxpayer acknowledge that a one-time adjustment to operating income due to
a change in accounting procedures should not be used in predicting future
income. The Division and the Taxpayer
also agree that the stock and debt approach should be adjusted through a more
in-depth analysis of the business segments of the parent company, XXXXX, Inc.
The Division and the Taxpayer agree that the revised system value should be
$$$$$. The Utah allocated percentage
remains unchanged at 7.04% resulting in a revised Utah value of $$$$$.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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