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