92-1322 - Centrally Assessed

 

BEFORE THE UTAH STATE TAX COMMISSION

________________________________

XXXXX

Petitioner, : ORDER OF APPROVAL

:

v. :

:

PROPERTY TAX DIVISION OF THE : Appeal No. 92-1322

UTAH STATE TAX COMMISSION, :

: Tax Type: Cent. 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 adjustment of the valuation is necessary. Based on a system value of $$$$$, and a Utah allocated percentage of XXXXX. The Property Tax Division and the taxpayer agree that Utah property owned by the taxpayer is disproportionately newer than other portions of the taxpayer's system. This has the tendency to import value to Utah when historical cost is the primary basis for interstate allocation. The Property Tax Division has prepared a revised appraisal that incorporates a combination for reproduction cost and historical cost in the interstate allocation formula. The revised Utah allocation percentage is XXXXX. The system value remains at $$$$$. Therefore, the revised Utah valuation is adjusted from $$$$$ to $$$$$ 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, but elected not to do so.

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 29th day of September, 1992.

BY ORDER OF THE UTAH STATE TAX COMMISSION.

R. H. Hansen Roger O. Tew

Chairman Commissioner

Joe B. Pacheco S. Blaine Willes

Commissioner Commissioner