Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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Annotation 610.0025

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).