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TCCOG - Gas Drilling - Assessment and Land Valuation Subcommittee

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> TCCOG - Gas Drilling - Assessment and Land Valuation Subcommittee

TCCOG - Gas Drilling - Assessment and Land Valuation Subcommittee

Purpose of Subcommittee: Assist Tompkins County and its towns/municipalities to prepare for potential impacts if NYS approves high-volume horizontal gas drilling. Explore effects on land values, property assessment, the tax base, and financing. Explore related issues including verifying measurement of gas output, splitting of subsurface rights, and compulsory integration. 

Chair: Carol Chock

Assessment and Land Valuation Subcommittee 
Outline of Concerns

(November 26, 2011)








Deed recording deficiencies, Current well locations in Tompkins County, coordination with mapping group, lending/valuation updates. 
State and local tax policy Further development of lending, secondary market, title insurance, and appraisal issues.
Gas Lease impact on residential mortgage lending, focus points on secondary market and title insurance implications, strategy to inform other banks, lawyers, realtors, appraisers, Albany
Lending Practice Questions: Financing as it affects property valuation with gas leases, title, secondary market, subsurface rights, title and liability insurance. Deed records: Lease and subsequent memoranda data, need for more complete information and a local or state clearinghouse for information. Real Estate Market Impact. Appraisal Issues, current impact, anticipated future direction, obtaining lease information. 
Measurement of gas output: company-reported vs. verified, state policy and practice (Don Barber)
Identification and mapping of leased properties: Use of data by Tompkins County, creation of the tcgas map, data verification and updating issues 
Scope of work, Long term Land Values/Carrying Costs, Commercial/Industrial Assessment 101 by Jay Franklin