QuikTrip Gets $0 Property Tax Value in Mineral Rights Appeal

QuikTrip Corp.’s retained rights on a former gas station and convenience store it sold are worth $0 for property tax purposes, a Missouri appeals court held Tuesday.

The gas station chain sold the property but kept mineral rights of the land underneath it, which is a taxable interest under state law, the Missouri Court of Appeals, Western District said. However, the interest is taxed based on use, and QuikTrip wasn’t drilling to extract minerals, so the interest is not taxable, Chief Judge Anthony Rex Gabbert held.

QuikTrip also reserved the right of first refusal and use restrictions on the ...