BEFORE THE UTAH STATE TAX COMMISSION
Petitioner, : ORDER OF APPROVAL
PROPERTY TAX DIVISION OF THE : Appeal No. 91-1197
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 to the valuation is necessary. The original XXXXX Utah valuation computed by the Property Tax Division for XXXXX is $$$$$, based on a system value of $$$$$, a Utah allocated percentage of mobile flight equipment of %%%%%, and a federally mandated relief percentage of 10%. The Property Tax Division has conducted an audit and prepared a new appraisal which relies on a cost approach in the amount of $$$$$, an income approach in the amount of $$$$$, and a stock and debt approach in the amount of $$$$$. The Division and the taxpayer agree that the correlated market value of the system should be $$$$$. The Enterprise ratio (market to cost ratio) on this new appraisal has been reduced from XXXXX to XXXXX, and the Utah allocated percentage of flight equipment has been reduced to %%%%%. The federally mandated relief percentage remains at 10%. This results in a revised allocated Utah value of $$$$$. Therefore, the value is adjusted from $$$$$ to $$$$$ for the XXXXX tax year.
Each affected county had standing to object to the assessment of the subject property pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
Based on the foregoing, the Utah State Tax Commission hereby finds the market value of the subject property for the tax year XXXXX is $$$$$.
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 10 day of February, 1992.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
R. H. Hansen Roger O. Tew
Joe B. Pacheco S. Blaine Willes