Belmont County updates transfer policy for oil, gas and minerals
In response to the growing number of transfers of oil, gas and minerals, the Belmont County Auditor’s Office released for the first time a written policy detailing the requirements for such transfers. Specifically, the new policy outlines the creation of new parcel numbers for tracking purposes, while also discussing the taxation of these new parcels. Importantly, this new policy applies in only one of two events: (1) a property owner sells his or her property but specifically reserves the oil, gas and minerals in the deed conveying said property (“New Reservation”); or (2) an owner of the oil, gas and minerals sells or transfers an interest in the oil, gas and minerals.
To view a summary of the auditor's new requirements and their implications, view Bricker's Belmont County Transfer Policy Update chart.Download PDF