BEFORE THE UTAH STATE TAX
COMMISSION
_______________________________
XXXXX
:
Petitioner, : ORDER OF APPROVAL
:
v. :
PROPERTY TAX
DIVISION OF THE : Appeal No. 92-1346
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 an adjustment of the valuation is necessary. The original XXXXX Utah valuation computed
by the Property Tax Division for XXXXX was $$$$$, based on a system value of
$$$$$, a Utah allocation percentage of XXXXX, a market to cost ratio of XXXXX,
and a Federally mandated relief percentage of XXXXX. The Property Tax Division has completed an audit and prepared a
revised assessment. The revised assessment makes changes to the cost and income
approaches to value and results in a correlated system value of $$$$$. The market to cost ratio increases to XXXXX,
the Utah allocation percentage increases to XXXXX%, and the Federally mandated
relief percentage remains the same. The
Property Tax Division and the taxpayer agree that the revised Utah allocated
value should be $$$$$ for the XXXXX tax year.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann.
§592-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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 12th day of January, 1993.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
R. H. Hansen