US ELECTIONS: Louisiana approves property tax measure tied to oil, gas production

Louisiana voters approved a change to the state constitution to allow the presence or production of oil or gas to be taken into account when assessing the fair market value of an oil or gas well for ad valorem property taxes.

Constitutional Amendment 2 received 58% of votes with 97% of precincts reporting, according to preliminary results from the Louisiana Secretary of State.

Supporters said the measure would ensure that when wells are more valuable, owners will pay more taxes, but when they are less valuable, they will pay lower taxes, the Louisiana Oil and Gas Association said.

It was also supported by the Louisiana Tax Committee, Louisiana Tax Assessor's Association, and the Louisiana Mid-Continent Oil and Gas Association.