La Plata County losing taxes from natural gas

 

Falling natural gas prices are taking a toll on La Plata County’s budget.

 

The county was told Tuesday it could lose more than $920,000 in property-tax revenue because of a 25 percent drop in natural gas prices last year.

 

The assessed value of oil and gas development in the county changes annually and it’s based on price and production.

 

Production has stayed steady, but the median price of natural gas dropped from $4 per thousand cubic feet in 2010 to $3 last year. That has caused in a $108 million decrease in the county’s assessed value on which the taxes are based.