I would like to know if their is a Glass Action Group here fighting Tax Hikes of 300% from the Counties? Thanks, Chris Wilson
You should have received a notice of appraised value for the producing wells earlier in the year. You will have had 30 days to review and protest. The valuation for producing minerals is based on the prior year oil and gas prices and on the volumes and projected decline curve for the wells. Appraised values for 2021 were lower due to the low oil prices in 2020. Prices were higher in 2021 than in 2020 and if you also had new wells which came on line during 2021, then the appraised value will have increased. Presumably you have had increased annual royalty income in the last couple years. The higher oil prices in 2022 will affect the appraised values for 2023. Enjoy your royalty income, but save some for federal taxes and for property taxes.
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