Print Page   |   Contact Us   |   Report Abuse   |   Sign In   |   Apply for Membership
Calendar

11/2/2016
2016 Technical Conference and Oilfield Expo

Tax Information
Share |

Tax Information

2016 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 2016. 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 2016 is as follows:

Crude Oil (All Grades)

Taxable Value

Change from 2015

Average Daily Production
(One barrel or more) $5,310 per barrel $510 less
Average Daily Production
(Less than 1 barrel) $3,190 per barrel $300 less
 

Natural Gas

Taxable Value

Change from 2013

Average Daily Production
(More than 8 MCF) $220 per MCF $30 less
Average Daily Production
(Less than 8 MCF) $110 per MCF $15 less

For more information: Download the Administrative Journal Entry from the Ohio Department of Taxation for tax year 2016

Download the Administrative Journal Entry from the Ohio Department of Taxation for tax year 2015 

Download the Administrative Journal Entry from the Ohio Department of Taxation for tax year 2014

Download the Administrative Journal Entry from the Ohio Department of Taxation for tax year 2013

Sign In


Forgot your password?

Haven't applied yet?

Latest Blog Posts