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Oil and gas properties are a little more complex than real estate. That is why the appraisal district contracts the appraisal of all of the oil/gas properties in the county to a well-recognized firm that specializes in the appraisal of oil/gas properties. Pritchard and Abbott, Inc., is located in Henderson, Texas, and may be reached at 903-657-2555. The appraisal of this type of property deals with the average price of the product for the last year, an economic adjustment by the Texas State Comptroller and the amount of reserves anticipated to be produced over the life of the well. More detailed information on the appraisal of oil and gas properties may be ascertained from Pritchard and Abbott, Inc., at the number above, or on the Oil and Gas FAQ found Here
If you are unhappy with your value, there is an administrative remedy for you. We would suggest that you first contact the CAD and ask to speak with an appraiser. Discuss your issues with the appraiser and see if you qualify for any adjustments, or if you can get all of your questions answered. If you are still not satisfied at this point, you may then file a timely written protest within 30 days of receiving your Notice of Appraised Value. You will be scheduled for a hearing before the Appraisal Review Board (ARB). The ARB is an independent body of taxpayers that are appointed to hear disputes between the CAD and taxpayers. Decisions from the ARB may be appealed to district court for litigation.
Values can change yearly. The CAD maintains sales of similar properties and reviews those sales each year in order to maintain a value that is similar to the most reasonable sales price in the market for those properties. Values typically increase as the market for property increases. However, sometimes values will remain constant over a period of time without any increase. Value changes can be volatile if the market shows accelerated growth and development. Values are only legislated to equal market value and there is no provisions for limiting market value increases.
Market value is the value that is the most reasonable sales price a willing buyer would pay a willing seller in a market where all things about the property are known by both. On the other hand, taxable value is the value that is utilized to calculate the appropriate “Ad Valorum” taxes on your property. Ad Valorum is a Latin term that means, “according to value” There is a difference; taxable value is market value less any applicable exemptions or special valuations. For instance, a homestead exemption or a 1-d-1 Open Space Valuation (ag exemption) would change the taxable value to be something less than market value.