BEFORE THE UTAH STATE TAX COMMISSION
Petitioner, : ORDER OF APPROVAL
PROPERTY TAX DIVISION OF THE : Appeal No. 92-1376
UTAH STATE TAX COMMISSION, )
: Tax Type: Cent. 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 valuation computed by the Property Tax Division for the Utah operations of XXXXX is $$$$$, based on a cost indicator of $24,248,108, a market indicator of $38,166,522, a correlated system value of $34,000,000 and a Utah allocation percentage of 100%. The original market indicator was determined by analyzing market to book ratios of several publicly traded cellular phone companies. The analyzed companies contained two Canadian companies and the other companies were very divergent in their going concern status and financial condition. The Property Tax Division and the taxpayer agree that XXXXX was the dominant member of the analyzed companies and thus provided the best indication of the market value of the subject properties. The Property Tax Division has prepared a revised appraisal that incorporates the market to book ratio of XXXXX in the market indicator. The revised market indicator is $30,722,353. The revised correlated system value is $28,800,000. The Utah allocated percentage remains 100%. The Property Tax Division and the taxpayer agree that the revised XXXXX Utah value should be $$$$$. Therefore, the value is adjusted from $$$$$ to $$$$$ for the XXXXX tax year.
Each affected county had standing to object to the assessment of the subject property pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
Based on the foregoing, the Utah State Tax Commission hereby finds the market value of the subject property for the tax year XXXXX is $$$$$.
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 3rd day of December, 1992.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
R. H. Hansen Roger O. Tew
Joe B. Pacheco S. Blaine Willes