Taxed Twice on the Same Land? Really?!
Monday, March 25, 2013
According to Larry Gearhardt of the Ohio State University Extension, some landowners who have leased land in the Utica shale region of Ohio may receive two property tax bills for the same property. How can this happen?
Read it:
“When the mineral interests are separated from the surface, the Ohio Revised Code (section 5713.04) requires the county auditor to list and value the land in separate entries, specifying the interest listed, and tax the parties owning the different interests. If the same person owns both the surface and the separated mineral interests, he may receive two property tax bills.”
Rare circumstances
Gearhardt says that landowners will only receive two tax bills in only rare circumstances. One possible circumstance is when a landowner separates the mineral interests from the surface, by deed. If the owner then retains ownerships of both interests and if the minerals are not yet developed, two tax bills may come.
For more information on the value of undeveloped mineral interests, read the complete article.
» Via: The Ohio State University Extension › Separating Mineral Interests From The Surface May Result In Two Real Property Tax Bills
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.