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Assessors want new valuation rules for oil wells

  // Sunday, 20 July 2014 05:02 //

NEW ORLEANS (AP) — A group of Louisiana tax assessors is advocating for a series of property valuation changes that, if approved, could significantly increase property tax rates for oil and gas well operators, as well as revenues for local governments.

The proposed rules come from the Louisiana Assessors' Association and were introduced at a Louisiana Tax Commission hearing July 8.

The LAA's Oil and Gas Committee chairman, Robert Gravolet of Plaquemines Parish, tells New Orleans CityBusiness (http://bit.ly/1ruOXyj ) property values for well sites have historically not been assessed correctly.

The Louisiana MidContinent Oil and Gas Association wants the property tax structure and valuation system to remain the same but is withholding any official opposition until the official rebuttal hearing before the Louisiana Tax Commission on Aug.

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