This is a Preferential Right to Purchase Production form. The assignor reserves the right at any time and from time to time to purchase or designate a purchaser for all of assignees oil and other liquid hydrocarbons produced and saved from the interests in the lands and leases that are the subject of this assignment.
Pennsylvania Preferential Right to Purchase Production
Category:
State:
Multi-State
Control #:
US-OG-505
Format:
Word;
Rich Text
Instant download
Description
How to fill out Preferential Right To Purchase Production?
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FAQ
An Act enabling certain counties of the Commonwealth to covenant with land owners for preservation of land in farm, forest, water supply, or open space uses.
The Act 319 law provides an option or an opportunity for tax relief if the property owner simply agrees not to develop or commercialize their land. If the property owner chooses not to participate in Act 319, then taxes will be paid on the Fair Market Value, as required under assessment law.
What Are The Eligibility Requirements? A property must be ten acres in size, and in Agricultural Use, Agricultural Reserve, or Forest Reserve. Agricultural Use applications may be less than 10 acres in size if the property is capable of generating at least $2,000 annually in farm income.
Land assessment is based on the agricultural use value of the land ing to the productivity of the soil. Act 319 assessment remains on property in perpetuity until a change in use occurs or owner requests a voluntary breach at which point the land can not be re-enrolled in the program by that same owner.
The State Department of Agriculture has provided this document to give you a general overview of the Program . Enrolled land is taxed at its use value rather than fair market value, and can result in an average reduction of 50% in its assessment.
319. Preferential assessment continues under the initial application until a land use change takes place. The landowner must submit notice to the county 30 days prior to a change in the use of the land.
