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The first $20,000 of assessed value of owner-occupied residential property owned by a person age 65 or older or by a person who is permanently and totally disabled is exempt.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
Capital gains taxes apply to the sale of mineral rights. If you retain your rights and lease them, therefore earning a royalty on the production, the royalty amount is taxed as regular income. Income tax rates tend to be higher than capital gain tax rates.
Mineral interests in WV are taxed the same as your home. You will pay 60% of the appraised value on the minerals at the levy rate for your county. The value of these minerals in based on WV Code procedures and is the same for all counties in WV. Minerals are taxed at a minimum value until production begins. Oil and Gas Information - Brooke County Assessor's Office wvassessor.com ? OilandGasInfo wvassessor.com ? OilandGasInfo
Mineral rights give ownership, for a specified time, of the underground minerals that do not include sand, limestone, gravel, or subsurface water. If the mineral rights to your property have been sold before you acquired the land, that means you own only the surface rights and cannot use the minerals.
After confirming your legal ownership with an attorney at law, you need to draw up a deed of transfer form in your name and register it with the county records office as the mineral owner. Mineral Rights in West Virginia - Lease, Buy or Sell in WV pheasantenergy.com ? west-virginia-mineral... pheasantenergy.com ? west-virginia-mineral...