92-1548 - Centrally Assessed

BEFORE THE UTAH STATE TAX COMMISSION

___________________________

XXXXX, XXXXX, )

Petitioner, : ORDER OF APPROVAL

)

v. :

PROPERTY TAX DIVISION OF THE ) Appeal No. 92-1548

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 1992 valuation for XXXXX, XXXXX is $3,746,700 based on incorrect operating expenses that were used in the discounted cash flow analysis. The Property Tax Division and the taxpayer agree that the revised XXXXX valuation which utilizes the correct operating expenses is $3,138,900.

After making the adjustment, the value of the XXXXX tax year is $3,138,900. Therefore, the value is adjusted from $3,746,700 to $3,138,900 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 $3,138,900.

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 5th 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