The production of oil and gas is assessed at 100% of market value just like coal. The industrial equipment is assessed at 11.5%.
Oil and gas equipment is reported to the assessor’s office each year by March by the Operator/Producer, by the acquired year and purchase price, whichever best represents current market value. Trending and Depreciation tables are uploaded by the state and are used to calculate current market value.
Oil and gas production is reported directly to the state by each producer. The state then sets a value and certifies that value to the assessor.