Posted this in the General Forum and it was suggested I post here:
My mother inherited several properties throughout southern Oklahoma when her mother passed away in 2004 (probate cleared in 2007). Just this past year (2017) the interest in a Grady county Oklahoma property was sold and now I (her son) am left with doing their taxes!
What is involved (and what will it cost) to get a fair market value of the interest in order to determine the gain on the sale?
Thanks
Ron
My thought is that the probate that cleared in 2007 should have the "fair market value" numbers with it.
There were 741 mineral deed filings back in 2004... I did not review them all. Of the ones I did look at the document fee was $0 on many of them. I did find 1 mineral deed for $200/acre (2.5 acres for $500) and 1 mineral deed for $500/acre (5 acres for $2,500). Those values seem a little low. I can remember turning down $750/acre in the 1980's. If you have a section - township - range you can probably find a sale that might be closer to the value.
And if you prefer for $25 you can subscribe to idocmarket.com and look at the filings online. Again, if available, I would find the "fair market value" paper from the probate and use that.
Not sure what an attorney or landman would cost. $75-150/hr.?
Good luck
Thanks for posting... I wasn't sure what your comment on the document fee meant? When I went to idocmarket.com for Grady county I did not find any activity in 2004, additionally, it did not show our sale in 2017....unless I was doing something wrong.
I do have the probate filing with a FMV amount, however, the same $/acre was used throughout several counties covering all the mineral rights. My uncle handled the probate, however, he has passed so I can't confirm the value of his assessment. I will probably just use the probate FMV and move forward with that amount....but it's always good to learn new things so I appreciate your info.
The document fee divided by 1.5 times 1,000 equals the total amount of the transaction. If the number of acres are given that would be divided into the total amount to get the price per acre.
From the "https://idocmarket.com/GradyOK/Document/Search" screen in the "section/township/range" boxes enter the 2 digit code for each, i.e., section 2 would be 02, township 4N would be 04 and range 6W would be 06.