92-1550 - Centrally Assessed

BEFORE THE UTAH STATE TAX COMMISSION

_______________________________

XXXXX, )

Petitioner, : ORDER OF APPROVAL

)

v. :

PROPERTY TAX DIVISION OF THE ) Appeal No. 92-1550

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 based on the following: 1) The XXXXX well has been removed from the record as it was sold to XXXXX XXXXX in XXXXX of XXXXX; 2) The XXXXX well was changed from a pumping to a flowing well and the flat well rate reduced; and 3) The decline curve for the XXXXX XXXXX well was revised based on additional quantitative information provided by the Property Tax Division. Therefore, the value is adjusted from $123,100 to $64,500 for the XXXXX tax year.

XXXXX 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 $64,500.

The Property Tax Division is hereby ordered to adjust its records in accordance with this order of approval. The XXXXX County Auditor is also authorized to adjust its records in accordance with the revised notice of assessment.

DATED this 27th day of July, 1993.

BY ORDER OF THE UTAH STATE TAX COMMISSION.

W. Val Oveson Roger O. Tew

Chairman Commissioner

Joe B. Pacheco Alice Shearer

Commissioner Commissioner