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Board of Equalization sets fair market value for Cactus Drilling at $11,156,851 after dispute over rigs
Summary
The Board of Equalization reviewed BOE-203 (Cactus Drilling, acct P3124528) and, after discussion about whether drilling rigs were obsolete or salvage, voted to set fair market value at $11,156,851.
The Board of Equalization on July 29 considered BOE-203, a business personal property appeal for Cactus Drilling (account P3124528). The taxpayer sought a reduced valuation, asserting rigs were obsolete and should be valued as salvage; assessor staff disputed that characterization and defended a higher valuation. Board members said they saw insufficient on-site proof that the rigs were fully obsolete and favored holding valuation to last year's number or the assessor's presented amount.
Following discussion, a board member moved to set the property's fair market value at $11,156,851 and the board approved the motion. Chair Eleanor Thompson had emphasized the difference between items that are unused and items that are unusable without documentary or on-site proof. The decision was recorded by voice vote; members responded "Aye."
