Published: 3:11 pm, Thu. Feb. 23rd, 2017Updated: 3:10 pm
A presentation Tuesday by the assessment corporation hired to conduct a property audit of oil and gas companies in Eddy County indicates the audit has already turned up nearly half a million dollars in unpaid taxes.
Total Assessment Solutions Corp. (TASC) contracted with Eddy County last year to conduct the audit on behalf of the County Assessor’s Office. The audit concerns the identification, location, mapping and, particularly, valuation of oil and gas property within the county, and was initiated after the assessor’s office raised concerns that area oil and gas companies may not have been reporting and, subsequently, paying taxes on, all properties.
Jerry Wisdom of TASC told the Eddy County Commission Tuesday that while the audit is only around two-thirds complete, he and his team have discovered numerous oil wells, pipelines, drilling rigs, and other property not listed on the tax rolls.
Included among those are 111 omitted drilling rigs and 101 miles of omitted pipeline.
Wisdom told the commission the current estimated value of the unreported property is $53,147,942, which should have resulted in $464,369 in tax money paid to the county.
TASC is continuing its audit – which only allows for the assessment of back taxes over the past 10 years – and expects to report its complete findings to the county around July.
No details regarding to which specific oil and gas companies the unreported properties belonged were provided Tuesday.