Lower energy production, prices driving down Campbell County’s assessed valuation

Campbell County’s valuation expected to drop

GILLETTE, Wyo. — Campbell County’s assessed valuation is expected to drop by about $1.6 billion this year, largely due to lower energy production and prices.

The anticipated decrease to $4.1 billion from last year’s $5.7 billion means that county government likely will have $17.6 million less to spend if the tax levy stays the same. The final numbers are due by late June or early July.

Declining revenue from coal and natural gas production are factors in the falling assessed valuation, industry officials say.

The numbers didn’t surprise County Commissioner Dan Coolidge, who said the county has been assuming less revenue as it starts work on the budget.

“We are budgeting at being at the 2005-2006 revenue streams and I think as we go through these numbers, that holds true,” Coolidge said.

Coal is the biggest factor. There will be an almost 16 percent drop in county revenue, said Greg Schaefer of Arch Coal Inc. and Larry Wambolt of Cloud Peak Energy Inc., members of a revenue estimating committee.

Revenue from natural gas will take the largest hit because of extremely low gas prices throughout 2009 and a significant drop in production countywide. Revenue from gas should be about 71 percent less than last year, according to the revenue estimating group.

Local real estate and personal property values should be down about 10 percent, said County Assessor Troy Clements.

“That is going to put us directly in between 2008 and 2009’s assessed value, which is about $680 million,” Clements said.

Campbell County, home to the nation’s largest coal-producing region, has the state’s highest assessed valuation.

A state revenue forecast for this year estimated Wyoming’s total assessed valuation at about $20.3 billion, a 30 percent drop from the previous year.

Information from: The Gillette News Record - Gillette, www.gillettenewsrecord.com