92-1316 - Centrally Assessed

 

BEFORE THE UTAH STATE TAX COMMISSION

____________________________

XXXXX

XXXXX

Petitioner, : ORDER OF APPROVAL

:

v. :

:

PROPERTY TAX DIVISION OF THE : Appeal No. 92-1316

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 $$$$$, based on a correlated system value of $$$$$ and a Utah allocation percentage of 18.90%. The original valuation relied on a cost approach in the amount of $$$$$ and an income approach in the amount of $$$$$. The Division and the taxpayer agree that the proper group of comparables to use when deriving a capitalization rate for the income approach is the XXXXX with the influence of cellular telephone interests removed. The Division has prepared revised appraisal which incorporates this change in the income approach. This changes the income approach to $$$$$. The cost approach remains the same. The revised correlated system value is $$$$$. The Utah allocation percentage remains at 18.90%. The Division and the taxpayer agree that the revised allocated Utah value is $$$$$. Therefore the total system value is adjusted from $$$$$ to $$$$$ and the Utah portion would be adjusted from $$$$$ to $$$$$.

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 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. Affected County Auditors are also authorized to adjust their records in accordance with the revised notice of assessment.

DATED this 13th day of October, 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