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Price Escalation Forecast Released for 2001 Year
The Comptroller’s Revenue Estimating Division has announced its oil and natural gas price increase forecast for the 2001 tax year, as required by Section 23.175, Property Tax Code. The law states that appraisers may increase or decrease the prices used in an appraisal "if market conditions warrant." If appraisers increase prices when appraising mineral properties, they should use an annual percentage rate of increase not greater than the increase projected for that year by the Comptroller for revenue estimating purposes.
The law further states that "in no event may the price used in the second or any succeeding year of an appraisal exceed 150 percent of the price used in the current year of the appraisal."
Appraisal districts should not use the forecasted oil and natural gas prices indicated in the chart to estimate taxable values. Section 23.175 requires districts to use the 2000 average product price for each individual property as the base price for 2001. The escalation forecast is used in the appraisal process in projecting future income.
Year Statewide Taxable Crude Oil $ / BBL Percent Change Statewide Taxable Natural Gas $ / MCF Percent Change 2001 $26.63 --- $3.86 --- 2002 $23.76 -10.75% $3.32 -14.05% 2003 $24.01 1.04% $2.99 -9.95% 2004 $24.45 1.85% $2.93 -2.00% 2005 $24.94 2.00% $2.87 -2.00% 2006 $25.40 1.82% $2.91 1.44% 2007 $25.81 1.63% $2.96 1.63% 2008 $26.28 1.81% $3.01 1.81% 2009 $26.78 1.90% $3.07 1.90% 2010 $27.33 2.06% $3.13 2.06% 2011 $27.90 2.10% $3.20 2.10% 2012 $28.49 2.10% $3.27 2.10% 2013 $29.09 2.11% $3.34 2.11% 2014 $29.70 2.11% $3.41 2.11% 2015 $30.33 2.12% $3.48 2.12% 2016 $30.98 2.12% $3.55 2.12% 2017 $31.63 2.13% $3.63 2.13% 2018 $32.31 2.13% $3.71 2.13% 2019 $33.00 2.14% $3.78 2.14% 2020 $33.71 2.14% $3.87 2.14% 2021 $34.43 2.15% $3.95 2.15% 2022 $35.17 2.16% $4.03 2.16% 2023 $35.94 2.17% $4.12 2.17% 2024 $36.72 2.18% $4.21 2.18% 2025 $37.53 2.20% $4.30 2.20% 2026 $38.35 2.20% $4.40 2.20% 2027 $39.19 1.90% $4.50 2.20% 2028 $39.94 0.00% $4.59 2.20% 2029 $39.94 0.00% $4.69 2.20% 2030 $39.94 0.00% $4.80 2.20% 2031 $39.94 0.00% $4.90 2.20% 2032 $39.94 0.00% $5.01 2.20% 2033 $39.94 0.00% $5.12 2.20% 2034 $39.94 0.00% $5.23 2.20% 2035 $39.94 0.00% $5.35 2.20% 2036 $39.94 0.00% $5.47 2.20% 2037 $39.94 0.00% $5.59 2.20% 2038 $39.94 0.00% $5.71 2.20% 2039 $39.94 0.00% $5.79 1.39% Source: Carole Keeton Rylander, Texas Comptroller of Public Accounts,
Revenue Estimating Division