Tax Information
2010 Uniform Valuation of Oil and Gas Deposits
The Ohio Department of Taxation has released their 2010 uniform formula for the valuation of oil and gas deposits in Ohio. 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 2010 is as follows:
Crude Oil (All Grades) |
Taxable Value |
Change from 2009 |
| Average Daily Production | ||
| (less than 1 barrel) | $2,780 per barrel | $160 more |
| Average Daily Production | ||
| (less than 1 barrel) | $2,780 per barrel | $160 more |
Natural Gas |
Taxable Value |
Change from 2009 |
| Average Daily Production | ||
| (more than 8 MCF) | $450 per MCF | $50 less |
| Average Daily Production | ||
| (less than 8 MCF) | $225 per MCF | $25 less |
For more information, download the Adminstrative Journal Entry from the Ohio Department of Taxation for 2010.