BEFORE THE UTAH STATE TAX
COMMISSION
____________________________________
XXXXX, )
:
Petitioner, ) ORDER OF APPROVAL
:
v. )
:
PROPERTY TAX DIVISION
OF THE ) Appeal No. 92-1434
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 $$$$$. This original valuation was based on a system market value of
$$$$$, an enterprise ratio (market to cost ratio) of .5198, a Utah allocation
percentage of .414%, and a Federally mandated relief percentage of 3.3%. The Property Tax Division has prepared an
amended valuation based on a revised valuation of operating leases. The revised valuation has relied on a system
value of $$$$$ pursuant to adjustments made to income and market approaches due
to a decrease in the valuation of operating leased XXXXX. The enterprise ratio has been decreased to
.4436%. The Utah allocation percentage
and the Federally mandated relief percentage remain the same. The Property Tax Division and the taxpayer
agree that the revised Utah taxable value should be $$$$$. Therefore, the value is adjusted from $$$$$
to $$$$$ for the XXXXX tax year.
Each
affected county had standing to object to the assessment of the subject property
pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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 9th day of March, 1994.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
W. Val
Oveson Roger
O. Tew
Chairman Commissioner
Joe B.
Pacheco Alice
Shearer
Commissioner Commissioner