Section 50IAC1-3-8. Assessment of coal lands and coal rights

   ASSESSMENT OF COAL LANDS. In order to provide uniformity to the assessment of lands with present or former coal deposits thereon and commonly owned by coal mining entities, the Board has determined as follows:

(1) Fee simple ownership of land shall be valued pursuant to guidelines provided in the real property appraisal manual. (p. LV-04 [50 IAC 2 was repealed filed Dec 13, 1989, 5:00 p.m.: 13 IR 864; errata filed Feb 19, 1990, 3:35 p.m.: 13 IR 1187.]).

(2) Mineral ownership only within land shall be valued at $60.00 per acre.

(3) Surface ownership only shall be valued as fee simple ownership of land.

(4) A minimum of one acre shall be valued as Industrial land at the principal location of active mine operations.

(5) Land which has been surface mined prior to identification of soil association number or series shall be assigned a yield factor of .47, subject to the adjustments provided in the manuals for influence factors.

(Department of Local Government Finance; Real Property Directive 78-108; filed Jan 30, 1978, 4:09 pm: Rules and Regs. 1979, p. 430)

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