Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2013
Property Tax Annotations
610.0000 NEWLY CONSTRUCTED PROPERTY
610.0030 Dry Hole Wells. The determination of the value of new construction of a new well requires the appraisal of the total unit, well and mineral reserves, prior to the allocation of value between the newly constructed well and the proved mineral reserves. When there are no future benefits anticipated from a newly drilled well, that is, no new reserves, no alternative uses, no operating benefits, etc., there is little, if any, value attributable to the new construction. LTA 4/23/1987 (No. 87/40).