WV Senate Changes Bill that Revises O&G Well Valuations for Taxes

Last MDN told you that the West Virginia House of Delegates had passed House Bill (HB) 2581, which changes how the State Tax Department values producing oil and gas wells for property tax purposes (see WV House Passes Bill Changing How O&G Wells Valued for Taxation). A number of legislators in the northern panhandle region of the state objected, saying it would lead to a catastrophic reduction in property tax revenue in their counties. A Senate committee got ahold of the bill and on Tuesday reworked it to try and soften the blow.

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