West Virginia Legal Description and Well or Unit Information
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Examples of tangible personal property are: cars, trucks, motorcycles, boats, aircraft, machinery and equipment, utility trailers, furniture and fixtures (when used for profit). Mobile homes are considered personal property when the mobile home owner does not own the land.
Class I: Intangible personal property and certain personal property employed exclusively in agriculture. [No property is currently taxed in this classification.]
Mineral Assessed Value is 60% of the appraised value of the property. WV appraisal values for minerals are based on the start date of drilling and production income.
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax. All real and tangible personal property, with limited exceptions, is subject to property tax.
The State currently imposes a severance tax of 5% on gross receipts at the well-head attributable to the production of oil and natural gas.
West Virginia has some of the lowest property tax rates in the country. Its average effective property tax rate of 0.55% is the 10th-lowest state rate in the U.S., as comes in at about half of the national average.
