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