Providing that ad valorem taxes on oil and gas mineral rights shall only be assessed in the county where the property is physically located, regardless of where the well pad is located

HB 2706 clarifies that ad valorem taxes on oil and gas mineral rights must be paid to the county where the mineral property is physically located, not the county where the well pad is situated. This directly affects oil and gas mineral rights owners and county governments that collect property taxes. The bill's key provision requires tax payments to follow the property's location, resolving potential disputes when well pads cross county lines. It does not change tax rates or create new revenue streams, only specifying the correct county for tax collection.