Local property values drop by $176 million

Preliminary information shows that the tax base in San Juan County has dropped by $176 million in the past year. The drop can create funding challenges for local governments.
Figures for the centrally-assessed properties were released by the San Juan County Assessor on May 5. The value of locally-assessed properties will be released in coming weeks.
Centrally-assessed properties, including oil, gas, mining, infrastructure and industrial properties, generally account for more than two-thirds of the total tax base for the county.
The biggest change comes from oil and gas properties, which dropped by nearly $150 million in one year. This includes the value of Resolute Oil properties, which fell in value by nearly 50 percent.
The value of metalliferous properties (including uranium and copper) fell in value by $51 million.
There was a small increase in the value of potash, pipeline, power, telecommunications, sand and gravel properties.