By Steven Allen Adams, The Intelligencer
CHARLESTON, W.Va. — The natural gas industry remains unhappy with the way property tax valuations are calculated even after the West Virginia Legislature passed a law to address the issue.
Members of the Joint Committee on Natural Gas Development received an update Monday from representatives of the State Tax Department, county assessors, and interest groups on the new formulation for determining the value of oil and natural gas-producing property.
Members heard testimony regarding the implementation of House Bill 2581, providing for the valuation of natural resources property and an alternate method of appeal of proposed valuation of natural resources property.
HB 2581 requires the State Tax Commissioner to develop a revised methodology to value oil and natural gas properties after the West Virginia Supreme Court of Appeals struck down part of the previous methodology the department uses to value active oil and natural gas well sites in 2019. The bill directed the State Tax Department to develop regulations the Legislature can review and approve…
