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Oilworks in Ohio

Tax Information

2008 Uniform Valuation of Oil and Gas Deposits Released
The Ohio Department of Taxation has released their 2008 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 2007
Average Daily Production
(more than 1 barrel)		 $2,970 per barrel $540 more
Average Daily Production
(less than 1 barrel)		 $1,780 per barrel $320 more

 

Natural Gas Taxable Value Change from 2007
Average Daily Production
(more than 8 MCF)		 $440 per MCF $50 more
Average Daily Production
(less than 8 MCF)		 $220 per MCF $20 more

 

To view a copy of the Adminstrative Journal Entry from the Ohio Department of Taxation for 2008, click HERE.