Bill > HB2451

This bill establishes a specific valuation method for managed timberland and timberland that is not managed timberland for ad valorem property tax purposes. The bill provides that the appraised value of managed timberland shall be determined based on the land's potential to produce future income, using a discounted cash flow model. The appraised value of timberland that is not managed timberland shall be determined based on market comparables. The bill also defines various terms related to timberland and managed timberland, and provides details on the classification of timberland and managed timberland for property tax purposes. The bill gives the county assessor the responsibility to collect and analyze market data on timberland sales to determine the appraised value for each class of timberland. The bill also outlines the process for landowners to certify their property as managed timberland, and provides remedies for persons aggrieved by the valuations, as well as for compliance inspections and notice of revocation.

Budget and Finance

http://www.legis.state.wv.us/Bill_Status/Bills_history.cfm?input=2451&year=2017&sessiontype=RS&btype=bill