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