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Board of Equalization sets Cactus Drilling business-personal property value after dispute over rigs
Summary
The Oklahoma County Board of Equalization reviewed a valuation dispute for Cactus Drilling (account P3124528), debated whether drilling rigs were obsolete, and voted to set fair-market value at the level discussed during the meeting after discussion of prior-year figures.
The Board of Equalization on July 29 considered BOE case #203, a business-personal property valuation for Cactus Drilling (account P3124528). Discussion focused on valuations for drilling rigs: the taxpayer's paperwork requested about $3,055,309 in total while the assessor's package requested approximately $12,000,427.04. Board members debated whether the rigs were obsolete, whether documentation supported a reduced valuation and whether the assessor's increase from last year was justified.
One member summarized the position: the dispute centered "only with the rigs," and noted the taxpayer's claim the rigs were obsolete while the assessor's office disagreed. After discussion, a motion was made to set fair market value consistent with last year's level or a figure near the assessor's prior valuation; the motion passed by voice vote. Board members asked staff to seek more documentation for future technical valuations if taxpayers propose significantly lower salvage values.
