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Assessor warns Contango valuation change will lower next distributions by about $750,000
Summary
Sweetwater County Assessor Dave Divas said a Contango Resources notice of valuation change reclassified production and will reduce next distributions for taxing districts in Tax District 113 by about $750,000 total; the county's share is about $130,000.
Sweetwater County Assessor Dave Divas told commissioners Nov. 19 that a notice of valuation change from Contango Resources altered reported production and will significantly reduce tax distributions for several local taxing entities.
Divas said an outside accounting review of prior returns reclassified some reported oil as gas, producing an additional deduction for the producer and causing valuation decreases for tax years 2023 and 2024. "This was larger than expected," Divas said, and he told the board that the total reduction across the affected taxing entities in Tax District 113 will be about $750,000. He estimated the county’s portion of that reduction at roughly $130,000.
Divas said he contacted the affected districts (school district, college, solid waste, fire district, countywide weed and pest, and the Little Snake River Conservation District) and that most have sufficient reserves to absorb a one-time adjustment. He noted the county has the authority to spread an adjustment over five years but said he did not think that was necessary in this case. The assessor said the notice arrived too late to add to the current meeting agenda and that a formal agenda item will appear at the next meeting.
