Colorado § 39-7-102 - Valuation for assessment.
Full text of Colorado Colorado Revised Statutes § 39-7-102 — Valuation for assessment., with citation guidance and answers to common questions.
§ 39-7-102. Valuation for assessment.
(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;
(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.
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.
ANNOTATION
The valuation formula specified by this section is intended to gauge the value of oil in the ground and is not a tax on the amount of oil actually produced. Petron Dev. Co. v. Washington County Bd. of Equaliz., 91 P.3d 408 (Colo. App. 2003).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 39-7-102
What does Colorado Revised Statutes § 39-7-102 cover?
Section 39-7-102 ("Valuation for assessment.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 39-7-102?
A common citation format is "Colorado Revised Statutes § 39-7-102" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 39-7-102 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.