Tax Information

2014 Uniform Valuation of Oil and Gas Deposits

The Ohio Department of Taxation has released their uniform formula for the valuation of oil and gas deposits in Ohio for tax year 2014. In 2005, House Bill 66 exempted producers from the tangible personal property tax. Since then, OOGA, the Department of Taxation and state legislators have worked to find a fair and equitable formula to replace this tax. Per 2006′s budget bill (HB 699), this new formula was codified for the valuation of these reserves.

The formula for 2014 is as follows:

Crude Oil (All Grades)

Taxable Value

Change from 2013

Average Daily Production
(One barrel or more) $5,490 per barrel $40 more
Average Daily Production
(Less than 1 barrel) $3,290 per barrel $20 more
 

Natural Gas

Taxable Value

Change from 2013

Average Daily Production
(More than 8 MCF) $260 per MCF $90 less
Average Daily Production
(Less than 8 MCF) $130 per MCF $45 less

For more information, download the Administrative Journal Entry from the Ohio Department of Taxation for tax year 2014.

Download the Administrative Journal Entry from the Ohio Department of Taxation for tax year 2013