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