FOR IMMEDIATE RELEASE
December 11, 2017
OIL/GAS PROPERTY TAXES TO PROVIDE $96 MILLION TO COUNTY GOVERNMENTS
Charleston, WV – Property taxes on oil and natural gas production will provide county governments in West Virginia with just over $96 million to fund local school systems and vital community services. The information is based on data from the West Virginia Division of Tax & Revenue.
“All counties in the state receive a portion of severance tax monies from oil and natural gas production. Additionally, those counties where natural gas and oil production is occurring have received hundreds of millions of dollars in the way of property tax receipts over the past several years,” said Anne Blankenship, Executive Director of the West Virginia Oil & Natural Gas Association (WVONGA). “Although the amount of property taxes may fluctuate year over year due to many factors including commodity prices, West Virginia producing counties continue to receive significant funds generated from the development of our oil and gas resources.”
The top five counties generating the largest amount of oil and gas property taxes for 2017 include:
Wetzel ($15,375,578); Doddridge ($15,165,626); Marshall ($10,553,516); Harrison ($8,846,064); and Ohio ($7,170,770).
“The price of natural gas has seen an uptick over the last several quarters and we hope that trend continues,” Blankenship said. “If it does, we’ll see property tax receipts rise, providing more resources for schools and to provide services to residents of our counties and municipalities.”
Oil and natural gas property tax assessments are based on the production and pricing of the resources from the tax year two years prior. Property tax assessments for 2017 are based on the production and pricing levels which were realized in 2015. To access the list of 2017 county oil/gas property tax information, click here.
In addition to production-based property tax receipts, gas producing counties receive significant monies from property taxes on other industry segments, like pipelines, compressor stations, and extraction and fractionationfacilities.
For additional information, contact Anne Blankenship at (304) 343-1609.
# End #
For more information, contact:
Executive Director, WV Oil & Natural Gas Association