Valuation And Subclassification Of Depleted Mineral Reserves

(1) Since any remaining mineral reserves have no contributory value, such parcels will normally be subclassified as farm property and valued according to the rural land schedule utilized by the county where the property is located. (2) Where extraction of the mineral(s) has damaged the land and reduced its market value, the estimate of market value should be adjusted to reflect the loss in value. (3) When a parcel with depleted mineral reserves has been converted to an alternative industrial or commercial use, it will normally be subclassified as industrial and commercial property and valued assuming such a highest and best use.