BEFORE THE UTAH STATE TAX
COMMISSION
________________________________
XXXXX
Petitioner, : ORDER OF APPROVAL
:
v. :
:
PROPERTY TAX
DIVISION OF THE : Appeal No. 92-1622
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,
based on a re-evaluation of the decline curve that was initially plotted for
XXXXX well. The initial curve was
determined using eight (8) full years of production history. Upon further
review it is apparent that the most recent two years of production set a trend
that is different from the earlier history.
In light of this, the decline curve has been altered to fit more accurately
the most recent production history. This
increases the initial decline rate from 9% to approximately 26%. The total
value for this well has been reduced from $$$$$ to $$$$$, and the total taxable
value of all Petitioners' property from $$$$$ to $$$$$ for the XXXXX tax year.
XXXXX
County had standing to object to the assessment of the subject property
pursuant to Utah Code Ann. §59-2-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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 13th day of October, 1992.
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