By CASEY JUNKINS
The Intelligencer and Wheeling News-Register
WHEELING, W.Va. — Wetzel County Schools Superintendent Ed Toman said officials anticipated the loss of $8.6 million in property tax revenue from oil and natural gas production during the 2017 tax year compared to 2016.
Because property tax revenue related to West Virginia oil and natural gas production is based on the material’s value from two years prior, the low price environment of 2015 is now leading to lower government revenue.
“We anticipated the decline in revenue and held back some of the surplus from the prior year to fill the gap. We also had some school improvement projects in our plans that we put on hold until the revenue rebounds,” Toman said.