Introduction

2.1. Natural resources, such as limestone, fireclay, dolomite, sandstone, shale, sand and gravel, and salt are some of the several estates in real property. These estates may be owned either as a separate estate, or in conjunction with other estates, usually as fee ownership or as mineral ownership. If other natural resources are owned as a separate estate, either absolute or as a leasehold, West Virginia property tax law requires the ownership to be listed, valued and taxed.

2.2. Other West Virginia natural resources, such as lead, zinc, manganese, iron ore, radioactive minerals, and oil shale, which at present are not being actively mined, shall be valued in accordance with this rule when those estates are separate from the fee interest, or are being leased and/or actively mined.

2.3. The natural resources set forth in subsections 2.1 and 2.2 of this Section may be owned without being mined. Specific title to those natural resources may exist where the resource is not present (barren), or where the natural resource is unmineable, or mined out.

2.4. For valuation purposes, this rule classifies other natural resource property into the following categories:

2.4.1. Active

2.4.2. Reserves

2.4.3. Unmineable

2.4.4. Mined-Out

2.4.5. Barren