BEFORE THE UTAH STATE TAX
COMMISSION
________________________________
XXXXX
Petitioner, : ORDER OF APPROVAL
v. :
:
PROPERTY TAX
DIVISION OF THE : Appeal No. 92-1623
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,
due to a re-evaluation of the reservoir in the following two wells and the
deletion of property not owned by XXXXX: XXXXX (api XXXXX) and XXXXX well (api
XXXXX). It was determined that the
original assessment overstated the reserves for the two wells. A revised decline curve analysis was
performed and new values for the wells were computed as follows:
WELL OLD
VALUE NEW
VALUE
XXXXX $$$$$$$$$$
XXXXX XXXXX $$$$$
The
following properties were deleted from XXXXX assessment, since it was
determined that these properties were not owned by XXXXX on the lien date of
XXXXX:
*
gas well - XXXXX
*
oil well - XXXXX
*
oil well - XXXXX
*
XXXXX
After
making the adjustment, the value for the XXXXX tax year is $$$$$.
Each
affected County had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §592-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
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 November, 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