92-1434 - Centrally Assessed

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