92-1623 - Centrally Assessed

 

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