BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX
:
Petitioner, : ORDER OF APPROVAL
:
v. :
:
PROPERTY TAX
DIVISION OF THE : Appeal No. 92-1526
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 adjustment of the valuation is necessary, based
on a new appraisal of Petitioner's Federal XXXXX well. The appraisal changed the decline curve to
provide approximately a XXXXX reduction in production between the first and
second operating years. This change
reduced the production value for the Federal XXXXX well from $$$$$$ to $$$$$,
the total valuation from $$$$$ to $$$$$. After making the adjustment, the value
of the XXXXX tax year is $$$$$.
Each
affected county had standing to object to the assessment of the subject property
pursuant to Utah Code Ann. 59-2-1007,
but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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 29th day of September, 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