Determining Fair Market Value for minerals 1989

#1

Good Day! I inherited mineral rights in Lea County. I sold 5 net acres in 2018. Though my Mother died in 1989, the mineral rights weren’t transferred to my name until 2013. So I use date of death? If so, what are the means for determining FMV for that time. Non-producing I might add. As you can tell, I’m a novice at this! Thanks for any help out there!

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#2

There have been quite a few posts on this very topic. Yes, you use the date of death for your value. If you do a search on the word “appraiser” or “appraisal”, several folks have posted names of some they have used. I think one of them was in Martin Co. Tx. But good appraisers can do other counties or know folks in other states that can do them.

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#3

Thank you Ms. Barnes for responding. My guess is the valuation was quite a bit less in 1989 than it is now, unfortunately as taxes go. :wink:

I did see someone recommended on this site that I’ll reach out to tomorrow.

Thanks again!

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#4
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#5

Thank you very much for your response. :slight_smile:

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#6

You’re welcome! Hope it helps.

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