BEFORE THE UTAH STATE TAX COMMISSION
Petitioner, : ORDER OF APPROVAL
PROPERTY TAX DIVISION OF THE : Appeal No. 92-1317
UTAH STATE TAX COMMISSION, :
: Tax Type: Centrally Assessed
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 an adjustment of the valuation is necessary. The original XXXXX Utah valuation computed by the Property Tax Division for XXXXX was $$$$$. This original valuation was based on a system market value of $$$$$, an enterprise ratio (market to cost ratio) of XXXXX, a Utah allocation percentage of XXXXX, and a Federally mandated relief percentage of XXXXX.
The Property Tax Division has prepared a revised valuation based on additional material provided by the taxpayer. The revised valuation has relied on a system market value of $$$$$. Adjustments were made to the cost, income and stock and debt indicators to eliminate the value of double counted leased aircraft. The income indicator was also adjusted to include a revised capitalization rate determined by a more in-depth capitalization rate study. The cost of XXXXX property was also adjusted pursuant to information provided by the taxpayer. The enterprise ratio was changed to XXXXX. The Utah allocation percentage and the Federally mandated relief percentage remain the same.
Therefore, the value is adjusted from $$$$$ to $$$$$ for the XXXXX tax year.
Each affected county had standing to object to the assessment of the subject property pursuant to Utah Code Ann. §592-1007. On or about XXXXX, XXXXX, XXXXX, XXXXX and XXXXX Counties filed their objection. On or about XXXXX, XXXXX, XXXXX, XXXXX and XXXXX Counties withdrew their objection.
Based on the foregoing, the Utah State Tax Commission hereby finds the market value of the subject property for the tax year XXXXX is $$$$$.
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 30th day of December, 1993.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
W. Val Oveson Roger O. Tew
Joe B. Pacheco Alice Shearer