Nabors drilling rigs sit idle at Prudhoe Bay in this May 25 photo. State regulators are working to finalize the method for assessing oil and gas properties for tax value that they have been using for the past several years. The new regulations apply to all oil and gas properties other than the Trans-Alaska Pipeline System. (Photo/Michael Dinneen/For the Journal)

Nabors drilling rigs sit idle at Prudhoe Bay in this May 25 photo. State regulators are working to finalize the method for assessing oil and gas properties for tax value that they have been using for the past several years. The new regulations apply to all oil and gas properties other than the Trans-Alaska Pipeline System. (Photo/Michael Dinneen/For the Journal)

State works to formalize method for assessing oil and gas properties

Some of the affected parties are raising concerns as state tax assessors are finalizing a methodology for valuing oil and gas properties other than the Trans-Alaska Pipeline System for the first time.

Alaska Petroleum Property Assessor Jim Greeley said in an interview that the way the state currently assess values for oil and gas properties isn’t new; it’s been phased in over the last five years.

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