Property values rise in 2023 from new drilling and business development in county
Editor's note: An article published in the Carlsbad Current-Argus on March 27, 2024 incorrectly referenced property values as 'land' values. Eddy County Assessor Rhonda Hatch said overall growth in Eddy County amounted to $588 million in 2023; $94 million in non-residential improvements and $39 million in residential improvements reflects business growth in 2023 and not total assessed values.
Consistent fossil fuel development in Eddy County led to continued growth from property taxes paid by individual residents and businesses in 2023, said County Assessor Rhonda Hatch.
She presented an annual update of activities conducted by her office last year to the Eddy County Board of County Commissioners on March 19. Hatch said state law requires a yearly report to commissioners.
More: Livestock values decrease by $1.4M in Eddy County during 2022
She said 988 new oil and gas wells drilled in Eddy County in 2023 and 329 new business openings led to $588 million of land value growth.
“With state assessed (property) value seeing the largest gain of over $401 million,” she said.
The New Mexico Taxation and Revenue Department (NMTRD) cites assessed property as an annual valuation assessment of certain non-residential properties for determined value of items being taxed.
Hatch said non-residential land improvements were valued at $94 million and residential land improvements were valued at $39 million.
She said residential improvements are the value of buildings on a residential lot.
The New Mexico Association of Realtors said 608 houses in Eddy County were sold in 2023 and the median sale price was $270,000.
More: Eddy County home listings asked for less money in February – see the current median price here
Eddy County had 86 pending housing sales in December of 2023, read a news release from the Association of Realtors.
Hatch said 1,156 building permits were issued in the City of Artesia in 2023, the City of Carlsbad issued 2,145 building permits and the State of New Mexico issued 182 building permits.
James “Bo” Bowen, District 4 commissioner, called Hatch’s report “startling.”
“That’s amazing when you think about it. We’re a small county population wise and to this growth from industry creating new businesses to creating new building permits. That’s truly a testament to how fortunate we are in this part of the world,” he said.
Values may increase again in 2024
Hatch said business indications during the opening months of this year might lead to an escalation of property values.
“We have not seen a decrease in many years,” she said.
More: Unemployment claims in New Mexico increased last week
The New Mexico Association Realtors cited 47 homes sold in Eddy County during January of this year. The median price of a home was $303,000 as the county had 66 active listings.
The City of Carlsbad issued a total of 353 building permits for the first two months of 2024, read data from the Planning, Engineering and Regulation Department.
Eddy County’s unemployment rate remained under 3% from November of 2023 to February of this year, read data from the New Mexico Department of Workforce Solutions (NMDWFS).
In a news release, NMDWS stated goods-producing industries like oil and gas, mining and construction employment rose by 3.1% in February.
Mike Smith can be reached at 575-628-5546 or by email at MSmith@currentargus.com or @ArgusMichae on X, formerly known as Twitter.
This article originally appeared on Carlsbad Current-Argus: Property growth values rise in Eddy County in 2023 from new developments
