Just noticed that our Wetzel County property taxes for our tiny mineral holding has actually INCREASED from last year!? If the value is down (WAY down . . . to virtually nothing), how does this make sense?
The property taxes reflect what happened two or more years ago with the well(s) on the property being taxed. If your production and royalties were higher two years ago and have been dropping, your taxes will likely drop over the next two or more years. Small comfort now! but that is how they do things. The operator reports the previous year's production (royalty $) per well per royalty owner to the state (WV State Tax office) and they report to the county assessor. The assessor's office records this, and changes the assessment, if needed, for the taxes coming out the following July (I think).
You can contact the Wetzel county assessor's office and see if they follow this method. I know this is how it is done in some other counties.