Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2014
Property Tax Annotations
610.0000 NEWLY CONSTRUCTED PROPERTY
610.0025 Drilling of Wells. The drilling of oil, water, gas, and geothermal wells on the lien date should be valued like other projects under construction on the lien date. The cost-to-date, including prorated research and administrative costs, represents value as of the lien date. If, after completion, a well is incapable of producing, is uneconomic, or is unusable for the purpose for which it was drilled, its value should be recalculated to reflect such lack of economic viability. LTA 8/25/1981 (No. 81/95).