Steep Drop In Oil, Gas Valuations Upending County Budgets

(AP) — People and businesses in Kansas' energy-producing counties may be paying more in property taxes or face cuts in local government services in the wake of the cheaper gasoline prices. Falling tax valuations for oil and gas properties are leaving many governments with few options to make up for the lost revenue at a time when county commissions begin their budgeting process for the coming year. Some counties in western Kansas and those bordering Oklahoma are the hardest hit, places that depend on energy producers oftentimes for more than half their taxable valuation. "If the oil industry is not picking up that same share of the burden, it then shifts to the rest of the tax base — and that would include residents, businesses and agricultural properties," said Randall Allen, executive director of the Kansas Association of Counties.

Topics:  ap    people   falling   oklahoma   randall allen   kansas association   counties   kansas   oil   gas   valuations   county   tax   properties   businesses   
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