"Oil or gas interest" defined; assessment
Sec. 12.4. (a) For purposes of this section, the term "oil or gas
interest" includes, but is not limited to:
(1) royalties;
(2) overriding royalties;
(3) mineral rights; or
(4) working interest; in any oil or gas located on or beneath the
surface of land which lies within this state.
(b) Oil or gas interest is subject to assessment and taxation as real
property. Notwithstanding the provisions of IC 1971, 6-1.1-4-4, each
oil or gas interest shall be assessed annually by the assessor of the
township in which the oil or gas is located. The township assessor
shall assess the oil or gas interest to the person who owns or operates
the interest.
(c) A piece of equipment is an appurtenance to land if it is
incident to and necessary for the production of oil and gas from the
land covered by the oil or gas interest. This equipment includes, but
is not limited to, wells, pumping units, lines, treaters, separators,
tanks, and secondary recovery facilities. These appurtenances are
subject to assesment as real property. Notwithstanding the provisions
of IC 1971, 6-1.1-4-4, each of these appurtenances shall be assessed
annually by the assessor of the township in which the appurtenance
is located. The township assessor shall assess the appurtenance to the
person who owns or operates the working interest in the oil or gas
interest.
(Formerly: Acts 1975, P.L.48, SEC.2.)
Last modified: May 28, 2006