BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX :
Petitioner, : ORDER OF APPROVAL
:
v. :
:
PROPERTY TAX
DIVISION OF THE : Appeal No. 92-1617
UTAH STATE TAX COMMISSION, :
Respondent. : Tax Type: Centrally Assessed
_____________________________________
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 $$$$$ to $$$$$ for the XXXXX tax year is necessary. Two wells for XXXXX have been re-assessed
based on additional information provided by the Petitioner. The XXXXX well has been shut-in since XXXXX
due to high water production which has made it uneconomical to produce. The value for this well has been reduced to
the value of the equipment. The decline
curve for the XXXXX was changed to an exponential curve from the harmonic curve
which was originally used. This
provided a better fit for the production history. Each affected county had standing to object to the assessment of
the subject property pursuant to Utah Code Ann. 59-2-1007. XXXXX County filed its objection on XXXXX,
and withdrew its objection on XXXXX.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$. 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 22 day of December, 1994.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
W. Val
Oveson Roger
O. Tew
Chairman Commissioner
B. Pacheco Alice
Shearer
Commissioner Commissioner