BEFORE THE UTAH STATE TAX
COMMISSION
______________________________
XXXXX
Petitioner, : ORDER OF APPROVAL
:
v. :
:
PROPERTY TAX
DIVISION OF THE : Appeal No. 92-1620
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. Two wells were reappraised
for XXXXX based on additional information provided by the operator. Accurate expense information was provided
for the XXXXX well where none had been previously; and the decline curve was
modified for the XXXXX well utilizing the most recent five years of production
history rather than the entire history of the well. This most recent history provides a superior trend to use as a decline
guide. After making the adjustment, the
value for the XXXXX tax year is $$$$$.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
The
Property Tax Division is hereby ordered to adjust its records in accordance
with this order of approval. The
affected County Auditors are also authorized to adjust their records in
accordance with the revised notice of assessment.
DATED
this 12th day of January, 1993.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
R. H. Hansen Roger
O. Tew
Chairman Commissioner
Joe B.
Pacheco S.
Blaine Willes
Commissioner Commissioner