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State property and related taxes affecting forest farmers in the south
| Author: |
Hickman, Clifford A. |
| Periodical: |
Forest Farmer |
| Abstract: |
The traditional ad valorem property tax, which subjects all taxable property to an annual tax based on fair market value in highest and best use, is the most important source of revenue for most local units of government. When this type of tax is applied to timbered properties, however, certain unintended and undesirable consequences can occur. Some timberland owners may be forced to shift their properties into uses promising more immediate returns. Other timberland owners, while able to continue timber production, may find it necessary to reduce stocking levels and shorten rotations or cutting cycles. Because of the preceding and other difficulties, virtually all states have implemented one or more "special" forest taxes. This article reviews the status and nature of the special forest taxes that have been adopted in the South. Probable future forest tax legislative trends in the region are also discussed. |
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