⬤ 01. Challenges

Efficient Property Tax Accrual Allocations and Appeals for an Oil and Gas Operator

Our client, an oil and gas operator, encountered challenges in managing property tax accruals for their royalty interest owners. The existing process relied heavily on manual work, involving the receipt of property tax bills and the subsequent allocation to each individual royalty interest owner.

This manual process required significant effort in tying back internal cost center numbers and creating an allocation method, resulting in inefficiencies and potential errors.

⬤ 02. Approach

Innovative Approach to Property Tax Administration with Custom Software

To address the challenges faced by the client, our approach involved providing comprehensive property tax appeals and administration services. We aimed to streamline the property tax accrual process and improve efficiency for the client. Leveraging our expertise and proprietary software, we developed a customized feature to cater to the unique needs of the oil and gas operator.

Within our proprietary software, we created a custom report specifically designed for well-level allocations and accruals. This report integrated the client’s well allocation data, including interest ownership and production volumes, and automated the accrual process. By eliminating manual intervention, this innovative solution saved significant time and reduced the likelihood of errors.

⬤ 03. Solution

Delivering Efficient Property Tax Software Solutions and Significant Savings

Through our tailored approach and innovative software solution, we delivered significant benefits to the client. Our property tax appeals efforts resulted in a consistent reduction in valuations year over year, achieving a remarkable 30% reduction. This substantial reduction in valuations contributed to significant tax savings for the client.

Furthermore, our custom feature within the proprietary software revolutionized the property tax accrual process. The automated well-level allocations and accruals eliminated manual work and improved accuracy. By seamlessly integrating the accrual data into the client’s accounting system, we enabled the client to save valuable time and resources.

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