Preliminary figures: Taxable values up slightly

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While local property and mineral owners might not like the news, Scurry County’s seven taxing bodies got good news from the Scurry County Appraisal District. Each of them will see a preliminary net increase in taxable values, according to Chief Appraiser Larry Crooks.

Crooks said that real estate and property values remained fairly static from the previous year. Most of the preliminary increase came from a jump in mineral valuations due to increased oil and gas activity.

“We tried to be a little conservative as far as mineral valuations went,” Crooks said. “Due to the recent decline in the oil industry, we had a lot of businesses close or cut back. It’s very hard to predict how that sector will go, but the actual mineral values came up more than we thought they would.”

Stephen Campbell, president and CEO of Thomas Y. Pickett and Co., met with area officials in April to update them on trends in Scurry County mineral values, and at that time forecast a modest increase in the coming months. Pickett and Co. calculates mineral and industrial valuations for the Scurry County Appraisal District.

Campbell said oil prices will show a modest increase to $56 a barrel in 2018. That represents a sharp rebound from 2016, when oil hit a low of $38.54 a barrel.

Agriculture valuations, meanwhile, were a mixed bag — Crooks said valuations for cultivated agriculture property dropped by more than 6 percent, while values for pasture land increased by more than 5 percent.

While the preliminary news is encouraging to the county’s taxing entities, Crooks cautioned against reading too much into the preliminary figures.

“People need to keep in mind that we could still lose some values (by the time the tax roll is certified in July),” Crooks said. “For one thing, there are 31 companies in the county that filed for extensions, which gives them more time to render their property. That could change the final valuations significantly.”

Preliminary valuation figures include:

• The City of Snyder’s preliminary net taxable value is up 1.69 percent, to $548,970,708. That includes an increase of 1.33 percent increase in real estate and personal property and a 19.74 percent increase in mineral value.

• The city’s Tax Increment Finance Zone value is $22,663,932.

• Scurry County should see its net values increase 4.71 percent, to $2,399,431,967. That figure includes a 1.09 percent drop in real estate and personal property but an increase of 18.66 percent in mineral values.

• Snyder ISD preliminary net values are up 3.86 percent. Although real estate and personal property values are down 3.39 percent, the district’s mineral values are up 18.44 percent. The school district’s net preliminary valuation is $2,074,825,020.

• The Scurry County Hospital District received a preliminary valuation of $2,581,575,621, which is a 4.13 percent net increase over last year. Real estate and personal property fell 1.86 percent, but mineral values were up 18.66 percent.

• Western Texas College net evaluations are up 4.96 preliminarily. Real estate and personal property values are down 1.28 percent, and mineral values are up 18.66 percent. The college’s preliminary valuation is $2,453,525,617.

• Hermleigh ISD saw both its preliminary real estate and personal property and preliminary mineral values increase, resulting in a net increase of 11.36 percent to $143,204,176. Real estate and personal property are up 6.46 percent and mineral values are up 90.28 percent.

• Ira ISD also saw both its preliminary real estate and personal property and preliminary mineral values increase. Real estate and personal property are up 4.26 percent and mineral values are up 11.48 percent. Overall, the district shows a net increase of 7.28 percent to $138,190,151.

Crooks must present a certified tax roll to the county’s taxing agencies by July 25.