WV Passes Bill to Change O&G Well Valuations for Taxes

The deed is done. On Saturday, the last day of the legislative session in 2021, the West Virginia Senate unanimously passed House Bill (HB) 2581 which changes how the State Tax Department values producing oil and gas wells for property tax purposes. As we told you last Thursday, the Senate version modified the bill from its original intent of allowing landowners to claim big deductions (see WV Senate Changes Bill that Revises O&G Well Valuations for Taxes). The fear was that counties would be shorted property tax revenue.

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