Preliminary property values drop by nearly 50%


Predictions of nearly a 50 percent decline in mineral values for 2016 appear to be coming true as the preliminary figures for Montague County alone dropped by 46.84 percent.

The Montague County Tax Appraisal District released preliminary values on Monday with only three of the 14 tax entities in the county showing any increase in values.

Back in March, North Texas tax appraisers were told by the mineral valuation experts to expect a hit due to the downturn in the energy industry as well as the price of oil.

Kim Haralson, chief appraiser for the Montague County Tax Appraisal District, said the price of oil per barrel has a big impact; however, the county also has lost a great deal of property in oil and gas related businesses as they closed or left the county. Read the full story on the preliminary values in the mid-week News.