The West Virginia House of Delegates recently approved House Bill 4850, which eliminates a sunset clause from the state code governing oil and gas property tax valuation. The bill aims to make the current methodology for assessing these taxes permanent, ensuring enforcement and stability in tax collections. While some lawmakers expressed concerns about recent errors in property tax valuation, stakeholders from the oil and gas sector supported the bill, emphasizing its importance for industry certainty and county finances. If the bill is not approved by the West Virginia Senate and signed into law, the current methodology for oil and gas property taxes could expire in 2025, potentially leading to zero collections for counties.
The House’s vote to remove the sunset clause from oil and gas property tax laws reflects a crucial step toward maintaining consistency and reliability in tax assessments, safeguarding the interests of both the industry and local counties in West Virginia. Ryan is monitoring these developments, and we are available to answer questions.
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Ryan
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