Posted by Eric in IL on January 18, 2013 at 05:16:01 from (208.124.66.242):
In Reply to: Re: Bye Bye, Old Barn posted by bill mart on January 17, 2013 at 21:34:41:
Many of the farms here sold the mineral rights back in the 50's and 60's. Way before anyone could envision coal being removed by the longwall method. Most of the people who sold the rights are dead and gone, but a fair amount of those properties are still held by the sellers' family.
Roughly five years ago, the entity that owned the rights got tired of paying taxes on them. At that time the county gained ownership of the rights. No offer of buying the rights back was made to the current landowners. The county started looking, and found a willing buyer for the complete lot of rights.
The coal does not meet "clean standards" for burning in Illinois, so can not be sold here. As a result, our city receives zero tax dollars for the coal destined to overseas markets.
If you happen to be one of the few in the target area that still retain your mineral rights, you are "in the drivers seat" if you should decide to sell.
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