West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes
Section 110-1J-2 - Introduction

Universal Citation: 110 WV Code of State Rules 110-1J-2

Current through Register Vol. XLI, No. 38, September 20, 2024

Estates in oil, natural gas liquids, or natural gas, or any combination of the three, are among the several estates in real property that may be owned either separately or in conjunction with other estates. If oil, natural gas liquids, or natural gas is owned as a separate estate, either absolute, as a leasehold, or in conjunction with other estates, West Virginia property tax law requires that ownership be listed, valued, and taxed in proportion to its value to be ascertained as directed by law. If oil, natural gas liquids, or natural gas is owned in conjunction with an undivided or fee interest in an estate, the value of the oil or natural gas shall be included in the value of that estate. Oil, natural gas liquids, or natural gas may be owned without being produced. Oil, natural gas liquids, or natural gas title may exist where no oil, natural gas liquids, or natural gas is known to be present, or where the oil, natural gas liquids, or natural gas is unproducible or depleted.

2.1. Categories for valuing oil, natural gas liquids, or natural gas properties. -- Parcels of property bearing or having the potential to bear oil, natural gas liquids, or natural gas or having the oil, natural gas liquids, or natural gas mineral interests separated from the fee of the property shall be categorized as:

2.1.1. producing property (to include home use, farm use, and industrial use on-property consumption);

2.1.2. non-producing property;

2.1.3. barren property; or

2.1.4. plugged and/or abandoned property.

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