92-1346 - Centrally Assessed

 

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