92-1392 - Centrally Assessed

 

BEFORE THE UTAH STATE TAX COMMISSION

_______________________________

XXXXX

Petitioner, : ORDER OF APPROVAL

:

v. :

:

PROPERTY TAX DIVISION OF THE : Appeal No. 92-1392

UTAH STATE TAX COMMISSION, :

: Centrally 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 for XXXXX is $$$$$, based on a system value of $$$$$, a market to cost ratio of XXXXX, a Utah allocated percentage of XXXXX and a Federally mandated relief percentage of 3.3%. The Property Tax Division has prepared a revised appraisal that corrects a reporting error by the taxpayer in the amount of Utah originating and terminating tons. Also slight adjustments were made to the value of operating leased aircraft in the income and stock & debt indicators. The Property Tax Division and the taxpayer agree that the revised system value should be $$$$$, the market to cost ratio should be XXXXX, the Utah allocation percentage should be XXXXX%, and the federally mandated relief percentage should remain the same. The revised Utah value should be $$$$$. Therefore, the value is adjusted from $$$$$ to $$$$$ for the Utah portion 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 Utah portion 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 7th day of October, 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