I just received an appraisal of my mother’s mineral rights on 23.5168 acres located on Section 4 and 8, Township 145 North, Range 104 West. The appraised value came in at $425/acre for a total of $9,994.64.
This property has no existing wells and the last lease was negotiated in July of 2010 and paid her $3,528.00 for a 5-year lease which appears to have a 1/8 royalty.
I am purchasing her rights to prepare her for Medicaid eligibility.
Just wondering if anyone has any thoughts regarding the fairness of that valuation.