 |
Alaska Administrative Code (Last Updated: January 12, 2017) |
 |
Title 15. Revenue. |
|
Chapter 15.56. Oil and Gas Exploration, Production and Pipeline Transportation Property Tax. |
Section 15.56.090. Exploration property.
Latest version.
-
(a) Property used or committed by agreement for use in the exploration for gas or unrefined oil, or in the operation or maintenance of facilities used in the exploration for gas or unrefined oil will be valued on a market value concept which is the estimated price the property would bring in an open market and under the then prevailing market conditions in a sale between a willing seller and a willing buyer both conversant with the property and with prevailing general price levels. Market data including recent sales in the area of like property will be used where there is reliable information available. In the absence of sufficient reliable market data other accepted appraisal techniques will be applied. (b) Exploration property includes but is not limited to land, buildings, facilities, machinery, appliances, supplies, equipment, and materials used in the operation or maintenance of seismograph and geophysical activities, well service activities, drilling activities and other exploration activities.
Authorities
43.05.080;43.56.060