Crude Oil and Natural Gas Price Forecast
2008 Tax Year
The Comptroller’s Revenue Estimating Division has released the 2007 statewide average taxable prices of crude oil and natural gas and the Crude Oil and Natural Gas Price Forecast (Forecast) and Market Condition Factors for the 2008 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 2007 average crude oil and natural gas price for each property multiplied by the market condition factor as the base price for the property during the 2008 tax year. In the second and subsequent years of an appraisal, the tax code requires appraisal districts to appraise oil and gas interests using the same percentage rate of increase or decrease in oil and gas prices as projected by the Comptroller on a year-to-year basis, as listed in the Forecast.
Please contact the Comptroller's Property Tax Assistance Division at 1-800-252-9121 for more information.
Tax Year 2008
|Calendar Year||Statewide Taxable |
|Percent Change||Crude Oil |
|Statewide Taxable |
Natural Gas, $/mcf
|Percent Change||Natural Gas