92-1620 - Centrally Assessed

 

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