AR HB1937

Expands the definition of "well" for property tax purposes to include wells producing natural gas, liquid hydrocarbons, or any combination of oil, gas, and other hydrocarbons, replacing the previous "oil well" terminology

Requires county assessors to value production equipment at $1.00 per foot, with equipment defined as all piping from the bottom of the casing to the sales valve at tank battery or sales meter

Exempts from taxation any casing portion rendered inoperable for producing oil or gas by a cement or mechanical plug

Mandates uniform expense allowances per barrel of oil or per 1,000 cubic feet of gas when calculating working interest-assessed value, based on actual production expenses

Effective for assessment years beginning on or after January 1, 2025, and approved April 17, 2025