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Oilworks in Ohio

Tax Information

2009 Uniform Valuation of Oil and Gas Deposits Released
The Ohio Department of Taxation has released their 2009 uniform formula for the valuation of oil and gas deposits in Ohio. 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 is as follows:

Crude Oil (All Grades) Taxable Value Change from 2008
Average Daily Production
(more than 1 barrel)		 $4,030 per barrel $1,120 more
Average Daily Production
(less than 1 barrel)		 $2,420 per barrel $640 more

 

Natural Gas Taxable Value Change from 2008
Average Daily Production
(more than 8 MCF)		 $520 per MCF $80 more
Average Daily Production
(less than 8 MCF)		 $260 per MCF $40 more

 

To view a copy of the Adminstrative Journal Entry from the Ohio Department of Taxation for 2009, click HERE.