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Property Tax Revenue From Oil, Gas Drops In West Virginia
By: Associated Press
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WELCH, W.Va. (AP) – West Virginia collected $96 million in property tax revenue from oil and natural gas production during the 2017 tax year, a decline of $38 million from the previous year.
News outlets report that a Monday news release from the West Virginia Oil and Natural Gas Association says the $96 million will go to county government for local school systems and community services.
The association’s executive director, Anne Blankenship, said property taxes fluctuate year to year based on multiple factors, including commodity prices.
The tax revenue related to West Virginia’s oil and natural gas production is based on the material’s value from two years prior.
From 2014 to 2015, West Virginia experienced a simultaneous growth in the amount of gas drillers pumped from wells and a collapse in prices.