Two companies agree to Oklahoma tax assessments
An oil distribution company and a pipeline company have dropped their protests to the value appraised on their Oklahoma properties by state tax officials. The actions free up nearly $150,000 for county services and school districts in four counties.
An oil company and a pipeline firm backed off their protests Wednesday to the value appraised their Oklahoma properties by state tax officials.
Valero Terminaling and Distribution Co. and Shamrock Pipeline Corp. both agreed to accept the appraised values for the 2011 and 2012 tax years, Gov. Mary Fallin said.
The state Equalization Board, made up of several statewide officials, announced the companies' decisions after a special meeting to discuss the claims. The disputes were the only remaining protests on appraised values, said Fallin, who is chairman of the Equalization Board.
“These are our last protests to resolve for the Board of Equalization on the fair cash value assessments,” she said.
The decision by the companies frees up about $144,000 for school districts and counties where the companies have properties, mostly in northwestern and in southern parts of the state, said Jeff Spelman, director of the Oklahoma Tax Commission's ad valorem division. The money had been placed in escrow.
Valero Terminaling and Distribution, which owns and operates oil storage terminals and distribution facilities, accepted the $15.7 million valuation placed on its Oklahoma holdings for the 2011 tax year and the $16.8 million valuation for this year.
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