92-1558 - Centrally Assessed

 

BEFORE THE UTAH STATE TAX COMMISSION

___________________________

XXXXX

:

Petitioner, : ORDER OF APPROVAL

:

v. :

:

PROPERTY TAX DIVISION OF THE : Appeal No. 92-1558

UTAH STATE TAX COMMISSION, :

: Tax Type: 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 from $$$$$ to $$$$$ for the XXXXX tax year is necessary. The change in the valuation of the XXXXX was due to forecast projections of income based on cash flows from the new XXXXX. The new plant was used in the revised assessment. The plant and the additional income was not recognized in the original assessment. However, this additional information more accurately reflects the economic condition of the property.

Each affected county had standing to object to the assessment of the subject property pursuant to Utah Code Ann. 592-1007. On or about XXXXX, XXXXX and XXXXX filed their objection to the proposed assessment. On or about XXXXX, XXXXX and XXXXX Counties, through their counsel, XXXXX, withdrew their objection.

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 County Auditors are authorized to adjust their records in accordance with the revised notice of assessment.

DATED this 3lst day of October, 1994.

BY ORDER OF THE UTAH STATE TAX COMMISSION.

W. Val Oveson