Arkansas Amends Property Tax Assessment Valuation of Mineral Rights

The Arkansas Governor signed a law concerning the property tax assessment of mineral rights. The law includes: 1) replacing the term “oil well” with the broader term “well;” 2) expanding the list of wells to include wells that produce natural gas or any combination of oil, gas, and other hydrocarbons; and 3) providing in addition to valuing a well based upon barrels of oil produced, allowing the value to be based on each 1,000 cubic feet of gas produced. The law takes effect 91 days after the final adjournment of the legislative session and is applicable for assessment years beginning ...