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The West Virginia House of Delegates Finance Committee advanced House Bill 4850, which would remove a sunset provision from gas and oil personal property tax. The bill, House Bill 4850, is backed by the Gas and Oil Association of West Virginia, but the methodology it would extend has drawn criticism, including from Wetzel County Assessor Scott Lemley.
West Virginia county tax assessors in gas-producing counties say a state tax error have had adverse impacts totaling roughly $30 million and impose an undue burden on taxpayers. The path to their counties being made whole is unclear. The impacted counties are Brooke, Doddridge, Harrison, Marshall, Monongalia, Pleasants, Tyler and Wetzel.
H.B. 4336 requires the West Virginia State Tax Commissioner to develop a valuation approach for properties producing oil, natural gas, natural gas liquids, at its fair market value determined through the process of applying a yield capitalization model to net proceeds.
H.B. 4336 requires the West Virginia State Tax Commissioner to develop a valuation approach for properties producing oil, natural gas, natural gas liquids, at its fair market value determined through the process of applying a yield capitalization model to net proceeds.