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