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Senate committee advances bill to standardize valuation of oil-production property amid assessor objections
Summary
The committee voted to advance House Bill 1755 to change how oil wells and production equipment are valued—defining production equipment, setting a $1-per-foot casing valuation, redefining 'newly discovered' production and removing a three-year moving average—while county assessors warned the measure could undermine market-value requirements.
The Senate Agriculture, Forestry & Economic Development Committee voted to pass House Bill 1755, a measure that seeks to standardize how oil wells and related production equipment are assessed for property-tax purposes.
Sponsor Senator Trent Garner told the committee the bill resolves uncertainty for oil producers by defining production equipment ("from the bottom of the casing to the sale value of the tank battery"), applying a $1-per-foot valuation for casing and related equipment, defining when property qualifies as "newly discovered," removing a three-year moving average from the calculation and setting a uniform per-barrel expense allowance…
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