Crude Oil and Natural Gas Price Forecast
2007 Tax Year
The Comptroller’s Revenue Estimating Division has released the Crude Oil and Natural Gas Price Forecast for the 2007 tax year.
Although the Forecast is primarily used by the Comptroller to estimate projected state revenue from oil and gas production, it also provides limitations on price increases in crude oil and natural gas property appraisals administered by local appraisal districts for property tax purposes. Appraisal districts should not use the actual crude oil and natural gas prices listed in the Forecast to calculate taxable values. Section 23.175 of the Texas Property Tax Code requires appraisal districts to use the 2006 average crude oil and natural gas price for each property as the base price for the property during the 2007 tax year.
The tax code prohibits the price used in the second or any subsequent year of an appraisal from exceeding 150 percent of the base price used in the first year of the appraisal. Appraisers may project an increase or decrease in crude oil and natural gas prices used in subsequent years of an appraisal, but the law provides that appraisers may not increase prices greater than the percent of increase projected by the Comptroller on a year-to-year basis, as listed in the Forecast.
Please contact the Comptroller's Property Tax Division at 1-800-252-9121 for more information.
Tax Year 2007
|Calendar Year||Statewide Taxable |
|Percent Change||Statewide Taxable |
Natural Gas, $/mcf