Statoil wants property money back from counties in West Virginia’s northern panhandle
Thursday, July 21, 2016
If you’re a landowner in Ohio, Brooke, Wetzel or Marshall County, West Virginia, Statoil is asking county commissioners for $6.5 million in property tax money to be returned due to a clerical error, The Intelligencer / Wheeling News-Register reports.
In Ohio County, Statoil requested $2.9 million, but county commissioners rejected the request. In Brooke County, Statoil requested that $1.8 million in property taxes be returned, but the decision to issue the refund or not is yet to be determined.
Commissioners in Wetzel County are still deciding whether or not the requested $1.4 million should be refunded. In Marshall County, Statoil requested $342,000, but county commissioners denied the request.
Read more: The Intelligencer / Wheeling News-Register > Statoil Wants Money Back From Local Counties
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How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.