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