Presentation To The Texas Oil & Gas Association Ad Valorem Tax .
Presentation to the Texas Oil & Gas Association Ad Valorem Tax Representatives Conference Property Tax Assistance Division Update March 10-11, 2021 Property Tax Assistance Division Texas Comptroller of Public Accounts
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Property Tax Basics in Texas Texas has no state property tax. Property taxes are locally assessed. The appraisal district appraises property located in the county. Local taxing units set tax rates and collect property taxes based on those values. Texas law allows the Texas Comptroller of Public Accounts to advise local governments and taxpayers on property tax issues, but does not grant jurisdiction to intervene in local tax matters. 4
Property Tax Assistance Division (PTAD) The Comptroller’s office is required to conduct a Property Value Study (PVS) for school districts at least once every two years (Government Code Section 403.302). The Comptroller’s office is required to conduct a ratio study in each appraisal district at least once every two years (Tax Code Section 5.10). The data is collected as part of the PVS. The Comptroller’s office is required to review the governance, taxpayer assistance and operating and appraisal standards, procedures and methodology in each appraisal district at least once every two years (Tax Code Section 5.102). 5
Property Value Study (PVS) Primary Purpose – Help ensure state funds for public schools are distributed equitably. The Commissioner of Education uses the PVS to ensure equitable distribution of education funds so school districts have roughly the same number of dollars to spend per student, regardless of the school district’s property wealth. 6
Property Value Study (PVS) Secondary Purpose – To collect data needed to provide taxpayers, school districts, appraisal districts and the Legislature with measures of appraisal district performance. Tax Code Section 5.10 requires the Comptroller’s office to measure appraisal district performance at least once every two years and to publish the results (ratio study). PTAD measures the level and uniformity of property tax appraisals using data collected in the PVS. 7
2020 PVS Preliminary Findings 8
Preliminary 2020 PVS Statewide Totals Category A - SINGLE-FAMILY B - MULTIFAMILY C1 - VACANT LOTS C2 - COLONIA LOTS D1 - QUALIFIED OPEN-SPACE LAND D2 - FARM & RANCH IMPROVEMENTS E - NON-AG LAND AND IMPROVEMENTS F1 - COMMERCIAL REAL F2 - INDUSTRIAL REAL G - OIL, GAS & MINERALS J - UTILITIES L1 - COMMERCIAL PERSONAL L2 - INDUSTRIAL PERSONAL M1 - MOBILE HOMES N - INTANGIBLE PERSONAL PROPERTY O - RESIDENTIAL INVENTORY S - SPECIAL INVENTORY Subtotal Less Total Deductions Total Taxable Value 2020 Market Value % of Subtotal 1,729,493,475,247 245,369,380,237 58,217,715,044 83,160,870 320,213,863,885 4,778,966,974 110,693,881,173 549,467,046,596 183,286,100,493 120,791,718,188 97,741,802,920 182,858,997,341 133,720,731,600 8,797,335,664 174,699 14,944,148,434 8,564,997,990 3,769,023,497,355 772,414,746,940 2,996,608,750,415 45.89% 6.51% 1.54% 0.00% 8.50% 0.13% 2.94% 14.58% 4.86% 3.20% 2.59% 4.85% 3.55% 0.23% 0.00% 0.40% 0.23% 100.00% % Change from 2019 5.87% 11.44% 5.67% -1.88% 3.11% -1.27% 7.74% 7.13% 11.81% -13.17% 11.89% 3.77% 0.36% 9.39% 343.96% 5.66% 6.16% 5.57% 5.56% 5.58% 9
Historical Market Values 2007 – 2020 Source: Texas Comptroller of Public Accounts, Property Tax Assistance Division, Property Value Studies 2007 – 2020 Preliminary 10
Category G: Oil & Gas 11
2020 PVS Category G Oil & Gas Results 4,511 Category G property appraisals 227 Schools (including split districts) 111 Counties PVS: Local Value / PTAD Value Ratio Ratio 1.0 CAD’s value is less than PTAD’s value Ratio 1.0 CAD’s value is Greater than PTAD’s value 500,000 / 1,000,000 0.50 ratio 1,000,000 / 500,000 2.00 ratio CAD’s goal is overall Category ratio 0.95 – 1.05 for each ISD 12
2020 Draft vs. Prelim. Property Ratios – CAT G CAD PTAD CAD PTAD 13
2020 Prelim. ISD Ratios – CAT G 14
2021 PVS – PAF & PPI Appraisal Year Calendar Year Year avg 1 2 3 4 5 6 2020 2021 2022 2023 2024 2025 2026 Crude Oil Natural Gas WTI Crude Oil Price Adjustment Factor (PAF) and Natural Gas Price Adjustment Factor (PAF) and Spot Price Producer Price Index (PPI) % change Henry Hub Spot Producer Price Index (PPI) % change (nominal dollars Price (nominal per BBL) dollars per million BTU) 38.76 PAF 44.72 1.15377 44.75 0.062431% 44.78 0.062431% 44.80 44.83 0.062431% 0.062431% 44.86 0.062431% 2.070 PAF 3.13 1.51208 3.10 3.06 3.03 3.00 2.97 -1.048354% -1.048354% -1.048354% -1.048354% -1.048354% 15
Contact Information Property Tax Assistance Division Comptroller of Public Accounts 1711 San Jacinto, 3rd Floor Austin, Texas 78701 Korry Castillo – Director Rick Parker- Manager – Data Analysis Doug Kubecka – Appraiser Michael Walior - Appraiser 800-252-9121 or 512-305-9999 comptroller.texas.gov/taxes/property-tax/ 16
Ad Valorem Tax Representatives Conference Property Tax Assistance Division Update March 10-11, 2021 Property Tax Assistance Division. Texas Comptroller of Public Accounts. 2. 3. Property Tax Basics in Texas Texas has no state property tax. Property taxes are locally assessed.
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