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Tax Information

2017 Uniform Valuation of Oil and Gas Deposits

The Ohio Department of Taxation has released their uniform formula for the valuation of oil and gas deposits in Ohio for tax year 2017. In 2005, House Bill 66 exempted producers from the tangible personal property tax. Since then, OOGA, the Department of Taxation and state legislators have worked to find a fair and equitable formula to replace this tax. Per 2006's budget bill (HB 699), this new formula was codified for the valuation of these reserves.

The formula for 2017 is as follows:

Crude Oil (All Grades)

Taxable Value

Change from 2016

Average Daily Production
(One barrel or more) $4,510 per barrel $800 less
Average Daily Production
(Less than 1 barrel) $2,710 per barrel $480 less
 

Natural Gas

Taxable Value

Change from 2016

Average Daily Production
(More than 8 MCF) $190 per MCF $30 less
Average Daily Production
(Less than 8 MCF) $95 per MCF $15 less

For more information:

Administrative Journal Entry for tax year 2017

Administrative Journal Entry for tax year 2016

Administrative Journal Entry for tax year 2015 

Administrative Journal Entry for tax year 2014

Administrative Journal Entry for tax year 2013

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