BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________
XXXXX
Petitioner, : ORDER OF APPROVAL
:
v. :
:
PROPERTY TAX
DIVISION OF THE : Appeal No. 92-1605
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. Engineering data (reserve
information) was provided by the operator which led to the revision of the
decline curve (reserve analysis) for XXXXX wells in XXXXX County, XXXXX wells
in XXXXX County, and XXXXX wells in XXXXX County. In addition, incorrect expense and price data was originally
reported by the operator for the wells in XXXXX County; accurate data was
obtained and used to re-analyze these wells.
Therefore, the value for the XXXXX tax year is $$$$$.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §592-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
The
Property Tax Division is hereby ordered to adjust its records in accordance
with this order of approval. The
affected County Auditors are also authorized to adjust their records in
accordance with the revised notice of assessment.
DATED
this 25TH day of MARCH,1993.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
R. H. Hansen Roger
O. Tew
Chairman Commissioner