CO HB1371

Specifies that the wellhead is the point of valuation and taxation for oil and gas leaseholds and lands in Colorado, regardless of the physical location of the producing properties.

Requires operators and owners of oil and gas leaseholds to file annual statements with the county assessor by April 15, with the filing location determined by where the wellhead is located rather than where the leasehold is situated.

Establishes that oil and gas properties are valued at 87.5 percent of the selling price from each wellhead during the preceding calendar year, excluding royalties paid to federal, state, or tribal governments.

Changes multi-county allocation rules so that production value is assigned to the county where the wellhead is located, rather than apportioned based on surface acreage across multiple counties.

Applies to property tax years commencing on or after January 1, 2014, with effectiveness after the 90-day period following the 2014 legislative session (August 6, 2014) unless subject to a referendum petition.