The property appraiser may describe and enter these subsurface rights on the roll in the same manner in which they were conveyed. This entry shall immediately follow, in the same section, township, and range, the entry listing the record title owner of the surface fee insofar as is practicable. At the request of a real property owner who also owns the oil, mineral, and other subsurface rights to the same property, the property appraiser shall assess the subsurface rights separately from the remainder of the real estate. Such request shall be filed with the property appraiser on or before April 1. Failure to do so relieves the appraiser of the duty to assess subsurface rights separately from the remainder of the real estate owned by the owner of such subsurface rights.
All subsurface rights are to be assessed on the basis of just value.
The combined value of the subsurface rights, the undisposed subsurface interests, and the remaining surface interests shall not exceed the full just value of the fee title of the land inclusive of such subsurface rights. For example, a one-fourth interest in the subsurface rights on 40 acres is assessed as a fractional interest on the entire 40 acres, not as an interest on 10 acres. In determining the value of such subsurface rights, the property appraiser may apply the methods provided by law, including consideration of the amounts paid for mineral, oil, and other subsurface rights in the area as reflected by the public records. The cost approach to value may be used to determine the assessed value of a mineral or subsurface right. Where comparable sales or market information is unavailable, and the lease transaction is reasonably contemporary, arm's length and the contract rent appears to reflect market value, the property appraiser may consider the total value of the contract and discount it to present value as a means of determining just value.