After searching through the threads for this topic, the most recent I could find was in May 2018. I started a new topic since that thread didn’t cover my specific questions. As a long time Reeves County mineral owner, but only a recent royalty recipient, I am confused by a tax notice I received today regarding appraised value.
It appears this notice is based on the well that began producing in October 2018, described on the form as “Pipeline State 58 10-3” (AB 5490, API 389-37243) which is part of a pooling agreement. The form shows 2018 value of “$O” and a 2019 value of “$85,020”. Estimated taxes are slightly over $1500 for the county, school district, county hospital and Reeves County OWCD.
I assume this notice and proposed taxes are calculated on the well valuation rather than the surface acreage.
So my question is…does this sound normal and what if any recourse do I have? Should I protest the valuation and if so, what do I base my protest on? I live out of state and have until May 30 to submit my protest to the Appraisal Review Board. At this point I really have no idea what I should do.
Any insight and help is appreciated!