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:
For more information: