Reeves County CAD has sent out the 2024 tax notices for wells. Be sure to review and look at the CAGI well detail.
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Was extremely happy with 13000 dollar appraisal value reduction. From 52 000 last year to 38 000 this year.I’M concerned now if the entities using that figure to determine their share;will they adjust the decimal point to cinch last years ? I’m in Blk13 Sec 68. My thanks to the forum for the opportunity to share this info with others Charles Jones
Was surprised that overall, our appraisal was down noticeably from previous two years. Two wells went up, but overall lower. Was also surprised to see market value and taxable value to be different with taxable lower. Previously, the two numbers were the same.
The CAGI workpapers will provide detail on the determination of value. Valuations are based on the average monthly price of oil and gas during prior year (2023) and applying to declining value. Oil was close to $20 less per month in 2023, as compared to 2022, and gas prices were also down. Appraisal takes into account the rate of decline in production, too. Consider logging into CAGI website and downloading the workpapers for a detailed picture by well (or by RRC lease number). If you save each year, then you can compare prices and other metrics over time.
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Very uninformed person asking… what is CAGI
I confirmed that CAGI values match Reeves CAD. Neither party shows wells that came online toward the end of 2023 so I hope that doesn’t mean a supplemental notice later!
CAGI is Capitol Appraisal Group who provides mineral appraisals to Reeves CAD. If you have property in Reeves County ( and several others), you should have an account with them. Their website is shown on the Tax Notices.
This first round are the producing wells which were taxes in 2023. The new wells which came on-line in 2024 will come in a separate notice. You may also receive notices that well assessments have changed due to information from operator or other factors. You can keep track of this by reviewing the CAGI well list which will show the most recent date of change in value.
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Thanks for great info!
I’ve telephoned Capitol Appraisal Group & found their appraisers extremely helpful on the phone. I download the “Work Paper Allocation pdf” which is a spreadsheet model that shows annual oil & gas production past-present-future, including modeled future production based on predictive model. This spreadsheet is a classic net present value model, CAGI revises it each year. Yes, you must establish a CAGI account with password.