Colorado Revised Statutes

Colo. Rev. Stat. § 39-7-102 (2026)

Valuation for assessment

✓ current as of July 2026

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(1) Except as provided in subsection (2) of this section, on the basis of the information contained in such statement, the assessor shall value such oil and gas leaseholds and lands for assessment, as real property, at an amount equal to eighty- seven and one-half percent of:

(a) The selling price of the oil or gas sold from each wellhead during the preceding calendar year, after excluding the selling price of all oil or gas delivered to the United States government or any agency thereof, the state of Colorado or any agency thereof, or any political subdivision of the state as royalty during the preceding calendar year;

(b) The selling price of oil or gas sold in the same field area for oil or gas transported from the premises which is not sold during the preceding calendar year, after excluding the selling price of all oil or gas delivered to the United States government or any agency thereof, the state of Colorado or any agency thereof, or any political subdivision of the state as royalty during the preceding calendar year.

(2) In order to promote the initiation or continuation of secondary recovery, tertiary recovery, or recycling projects which conserve and avoid waste of oil and gas, the assessor shall value oil and gas leaseholds and lands employing such projects for assessment as provided in subsection (1) of this section but at an amount equal to seventy-five percent of:

(a) The selling price of the oil or gas sold therefrom during the preceding calendar year, after excluding the selling price of all oil or gas delivered to the United States government or any agency thereof, the state of Colorado or any agency thereof, or any political subdivision of the state as royalty during the preceding calendar year;

Source: L. 64: R&RE, p. 711, § 1. C.R.S. 1963: § 137-7-2. L. 69: p. 1120, § 2. L. 77: Entire section amended, p. 1852, § 2, effective January 1, 1978. L. 81: Entire section amended, p. 1857, § 2, effective January 1, 1982. L. 2014: (1)(a) amended, (HB 14-1371), ch. 400, p. 2013, § 2, effective August 6.

Notes of Decisions

Cited in 11 cases (3 in the last 5 years), 1985–2023 · leading case: Corp. v. Lembke, 2020 CO 73 (Colo. 2020).

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Corp. v. Lembke, 2020 CO 73 (Colo. 2020). · cites it 2× “(2019) (“[I]rrespective of the physical location of the producing leaseholds or lands, the point of taxation is the same as the point of valuation, which is the wellhead.”

Colorado Prop. Tax Adm'r v. CO 2, 2023 CO 8 (Colo. 2023). · cites it 4× “” § 39-7-102(1), C.R.S. (2022). The assessment is then used to calculate property taxes.”

Yuma Cnty. Bd. of Equalization v. Cabot Petroleum Corp., 856 P.2d 844 (Colo. 1993). · cites it 4× “As previously noted, under section 39-7-102, “the assessor shall value .”

Kinder Morgan CO2 Co. v. Montezuma Cnty. Bd. of Commissioners, 399 P.3d 735 (Colo. Ct. App. 2015). · cites it 3× “Every oil or gas leasehold operator or owner is required to file an annual statement and provide information including the selling price at the wellhead of all oil or gas sold.”

CO2 Comm. v. Montezuma Cnty., 2021 COA 36 (Colo. Ct. App. 2021). · cites it 5× “X, § 3(1)(b); § 39-7-102, C.R.S. 2020. “Unlike most property interests, however, the value of an oil and gas leasehold interest comes not from the physical space or land the leasehold occupies, but rather, from the quantity and value of oil and gas underground.”

Shell W. E&P, Inc. v. Dolores Cnty. Bd. of Commissioners, 948 P.2d 1002 (Colo. 1997). · cites it 2× “The BAA found that because section 39-7-102 provides that taxes are to be assessed based on information supplied by the owner or operator of a leasehold pursuant to section 39-7-101(1), the county assessor reasonably relied on SWEPI’s failure to file required declaration…”

People v. Hampton, 696 P.2d 765 (Colo. 1985). · cites it 2× “7, § 39-7-102, 1972 Colo.Sess.Laws 190, 220.”

Cabot Petroleum Corp. v. Yuma Cnty. Bd. of Equalization, 847 P.2d 152 (Colo. Ct. App. 1993). · cites it 4× “See § 39-7-102; Federal Land Bank v. Board of County Commissioners, 788 F.”

Colorado Prop. Tax Adm'r v. Co2 Comm., Inc., 527 P.3d 371 (Colo. 2023). · cites it 3× “" § 39-7-102 (1) , C.R.S. ( 2022 ) . The assessment is then used to calculate property taxes.”

Shell W. E&P, Inc. v. Bd. of Cnty. Commissioners of Dolores Cnty., 923 P.2d 251 (Colo. Ct. App. 1996). · cites it 2× “The BAA further found that, because § 39-7-102, C.R.S. (1994 Repl.Vol. 16B) provides that taxes are to be assessed based on information supplied by the owner or operator of a leasehold pursuant to § 39-7-101(1), the county assessor reasonably relied on SWEPI’s failure to file…”

Fed. Land Bank of Wichita v. Bd. of Cnty. Commissioners, 607 F. Supp. 1137 (D. Colo. 1985). · cites it 8× “Plaintiff contends that Colo.Rev.Stat. § 39-7-102 does not satisfy the requirement that taxation be “according to value.”

— Colo. Rev. Stat. § 39-7-102(1) — 3 cases

Colorado Prop. Tax Adm'r v. CO 2, 2023 CO 8 (Colo. 2023). “” § 39-7-102(1), C.R.S. (2022). The assessment is then used to calculate property taxes.”

Kinder Morgan CO2 Co. v. Montezuma Cnty. Bd. of Commissioners, 399 P.3d 735 (Colo. Ct. App. 2015). “Every oil or gas leasehold operator or owner is required to file an annual statement and provide information including the selling price at the wellhead of all oil or gas sold.”

Fed. Land Bank of Wichita v. Bd. of Cnty. Commissioners, 607 F. Supp. 1137 (D. Colo. 1985). “Plaintiff contends that Colo.Rev.Stat. § 39-7-102 does not satisfy the requirement that taxation be “according to value.”

— Colo. Rev. Stat. § 39-7-102(1)(a) — 1 case

CO2 Comm. v. Montezuma Cnty., 2021 COA 36 (Colo. Ct. App. 2021). “X, § 3(1)(b); § 39-7-102, C.R.S. 2020. “Unlike most property interests, however, the value of an oil and gas leasehold interest comes not from the physical space or land the leasehold occupies, but rather, from the quantity and value of oil and gas underground.”

— Colo. Rev. Stat. § 39-7-102(l)(a) — 3 cases

Cabot Petroleum Corp. v. Yuma Cnty. Bd. of Equalization, 847 P.2d 152 (Colo. Ct. App. 1993). “See § 39-7-102; Federal Land Bank v. Board of County Commissioners, 788 F.”

Yuma Cnty. Bd. of Equalization v. Cabot Petroleum Corp., 856 P.2d 844 (Colo. 1993). “As previously noted, under section 39-7-102, “the assessor shall value .”

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