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Oilworks in Ohio

Tax Information

2010 Uniform Valuation of Oil and Gas Deposits Released
The Ohio Department of Taxation has released their 2010 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 2009
Average Daily Production
(more than 1 barrel)		 $4,360 per barrel $330 more
Average Daily Production
(less than 1 barrel)		 $2,620 per barrel $200 more

 

Natural Gas Taxable Value Change from 2009
Average Daily Production
(more than 8 MCF)		 $500 per MCF $20 less
Average Daily Production
(less than 8 MCF)		 $250 per MCF $10 less

 

To view a copy of the Adminstrative Journal Entry from the Ohio Department of Taxation for 2010, click HERE.