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Understanding West Virginia Taxes on Mineral Rights

Started this discussion. Last reply by Nancy Mosley Mar 1. 7 Replies

Would really appreciate it if someone can point me to some information about how much West Virginia tax on mineral rights I will pay.  I'm a complete newbie here so please be patientThanks so much!Continue

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Nancy Mosley replied to Keith Johnson's discussion 'Understanding West Virginia Taxes on Mineral Rights'
"I think my specific curiosity is an assessor question but your income tax things would be definitely an accountant question!"
Mar 1
Keith Johnson replied to Keith Johnson's discussion 'Understanding West Virginia Taxes on Mineral Rights'
"Yes definitely will do!  I might have to sit down with an accountant so I can share the details if that happens"
Mar 1
Nancy Mosley replied to Keith Johnson's discussion 'Understanding West Virginia Taxes on Mineral Rights'
"I'm glad it was a help. Others have helped me over the years. If you learn something when talking with your county assessor that you think might help others, please share. I'm somewhat curious about your hypothetical situation. The fee…"
Mar 1
Nancy Mosley and Keith Johnson are now friends
Mar 1
Keith Johnson replied to Keith Johnson's discussion 'Understanding West Virginia Taxes on Mineral Rights'
"Thanks so much Nancy!"
Mar 1
Nancy Mosley replied to Keith Johnson's discussion 'Understanding West Virginia Taxes on Mineral Rights'
"Yes you will have to pay the county property tax on whatever the assessed value of that amount of mineral rights is determined to be, by that formula that they use. Your acreage times your ownership amount. It sounds like your example retains 100%…"
Mar 1
Keith Johnson replied to Keith Johnson's discussion 'Understanding West Virginia Taxes on Mineral Rights'
"Thanks Nancy that's very helpful! If, for example, I sell my land but retain the mineral rights on non-producing land - am I still going to pay property taxes on those mineral rights without production?  Or would I only pay after…"
Mar 1
Nancy Mosley replied to Keith Johnson's discussion 'Understanding West Virginia Taxes on Mineral Rights'
"I guess you mean property taxes on the actual rights as opposed to income tax on your royalty payment. The property taxes are collected by the counties. They assess the mineral rights by a formula which differs if there is any production (of oil…"
Mar 1
Keith Johnson posted a discussion

Understanding West Virginia Taxes on Mineral Rights

Would really appreciate it if someone can point me to some information about how much West Virginia tax on mineral rights I will pay.  I'm a complete newbie here so please be patientThanks so much!See More
Mar 1
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Mar 1

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