92-1602 - Centrally Assessed

BEFORE THE UTAH STATE TAX COMMISSION

______________________________

XXXXX, )

Petitioner, : ORDER OF APPROVAL

)

v. :

PROPERTY TAX DIVISION OF THE ) Appeal No. 92-1602

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. The production of gas wells is based upon reservoir pressure. Mr. XXXXX provided the pressure history versus cumulative production. With this data the Tax Commission was able to calculate remaining reserves and future production. This lowered the recoverable reserves in a majority of the wells. Therefore, the value is adjusted from $$$$$ to $$$$$ 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 $$$$$.

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 21st day of May, 1993.

BY ORDER OF THE UTAH STATE TAX COMMISSION.

ABSENT

R. H. Hansen Roger O. Tew

Chairman Commissioner

Joe B. Pacheco S. Blaine Willes

Commissioner Commissioner