BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX, )
Petitioner, : ORDER OF APPROVAL
v. :
PROPERTY TAX
DIVISION OF THE : Appeal No. 91-1165
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 of the valuation is necessary. The original XXXXX Utah valuation computed
by the Property Tax Division for XXXXX is $$$$$, based on a system value of
$$$$$ and a Utah allocated percentage of 6.22%. The Property Tax Division has proposed adjustments to the income
and stock & debt approaches. The
Division and the taxpayer acknowledge that when calculating an effective tax
rate for purposes of estimating net operating income, dividend income received
by the taxpayer should be considered as nontaxable income. This results in a reduction to the income
approach from $$$$$ to $$$$$. The
Division also proposes an adjustment to the stock & debt approach to
correct a mathematical error in the operating property allocation of the total
stock & debt value. This results in
a reduction to the stock & debt approach from $$$$$ to $$$$$. The Division and the taxpayer agree that the
revised system value should be $$$$$.
The Utah allocated percentage remains unchanged at 6.22% resulting in a
revised Utah value of $$$$$ for the XXXXX tax year.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §592-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the Utah portion of the subject property for the tax year XXXXX is $$$$$.
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 5 day of December, 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