Does anyone know a service that can help protest Reeves County mineral market appraisal for 2020? I understand the value was set on January 1, 2020 but the value is considerably more than the checks I receive even for December, 2019 and January 2020. Help needed. I can fill out the form - but what evidence should be used? Tried to call Reeves County tax appraiser office and no answer.
Contact this person in the Appraisal District office. She was very helpful to me last year.
Julie Chaddick Assistant to the Chief Appraiser Reeves County Appraisal District (432) 445-5122 juliechaddick@reevescad.org
The value is the fair market value of the mineral interest as of January 1, 2020 and is supposed to be the sales value if you sold your minerals. It will exceed any one royalty payment. Think of this as being the market value of your house vs a one-month mortgage payment. The valuation is based on the average monthly price of oil and gas sold during 2019, the production decline curve and the economic life of the well in years and several other factors. Your ad valorem tax will be the tax rate of each agency times the value of the well. So for 100,000 value and 0.005 tax rate, the tax would be $500. Compare the value of the well to last year and see if the appraised value has gone up or down - assuming that this was not a new well in 2019.
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Now that the topic has come up, I have a question regarding the Reeves County 2020 Notice of Appraised Value form I received last week. The form shows the appraised value last year and in the next column is the “Proposed Value This Year”. It is 0 (zero). The form arrived as it did last year with the Property Appraisal Notice of Protest form enclosed.
My question: Is this normal? I protested the appraisal last year and received a 30% reduction after contacting Capitol Appraisal’s Trent Johnson as well as the producer’s tax department and their tax attorney.
Considering the steep decline rate and the price of oil going south, is zero a legit appraisal this year? I’m certainly not complaining and plan to contact the appraisal district to confirm, but thought I would get other mineral owners input first.
Same here! I was looking on line to see if I can find any answers but no luck so far. I tried calling Trent as well… super busy right now. Just wondering what that is about. Thanks!
Might be a moment to let sleeping dogs lie…?
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They made the same mistake last year - Appraised value $0 Then an updated appraisal came out soon after. Don’t bring it to their attention.
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Good to know. I will wait for their revision. Then protest whatever appraisal they show.
We had that happen a few years ago. I discussed it with them. The value was so low it wasn’t worth it to them to deal with it so they valued it at $0. It’s shut in now, so still at $0 this year.
My May royalty check was down 93% from May 2019, a combination of factors for sure. I doubt the Reeves Appraisal District considered that, however. But I am cautiously optimistic they leave the 2020 value at $0.
we received valuations on three of six wells on the family property near Toyah. Emails, voice mails etc to the appraisal district go unanswered. The three valuations we did received seemed to reflect the nature of the natural-gas only production values from Jan 1. Way down. So don’t plan to protest, but since they have yet to get me my other valuations can’t say for sure.
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