This form is used by Claimant as notice of ownership and claim of title to additional interest of the mineral estate in lands, by having engaged in, conducted, and exercised the acts of ownership, which entitle Claimant to ownership of the additional mineral interest by limitations, under the laws of the state in which the Lands are located.
Oklahoma Notice of Claimed Ownership of Mineral Interest, by Limitations
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US-OG-362
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How to fill out Notice Of Claimed Ownership Of Mineral Interest, By Limitations?
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FAQ
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
Oklahoma has no inheritance tax. Capital gains tax must be paid on any sale of mineral rights and income generated from royalty streams. However, if the mineral rights have not been severed from the property, the county may not charge taxes beyond property taxes.
Mineral ownership constitutes the right to explore for and produce oil and gas. The mineral owner has the right to: Enter onto the property to explore for oil & gas. Authorize another entity to enter the property and explore production opportunities by granting an oil & gas lease.
Are Mineral Rights and Royalties Taxable? Any income you earn from the sale or lease of your land's mineral rights is taxable. Income, severance and ad valorem taxes are some of the taxes you might need to pay. Each type comes from a different entity.
Transfer By Will The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.
As a mineral rights value rule of thumb, the 3X cash flow method is often used. To calculate mineral rights value, multiply the 12-month trailing cash flow by 3. For a property with royalty rights, a 5X multiple provides a more accurate valuation (stout.com).
Without any royalty income it comes down to what buyers think the future income might be. For non-producing properties, the Mineral Rights Value in Oklahoma could be anywhere from a few hundred dollars per acre to $5,000+/acre. It really depends on which county your property is located in.
Determining Mineral Ownership: The Corporation Commission does not determine the ownership of minerals. This should be a matter of record in the courthouse of the county where the land is located. Tax Commission records may also help. You may need an attorney to research this for you.
