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