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be that of similar wild or unimproved land in the vicinity and that the 

 value if any, of immature or young timber shall not be considered in 

 assessing the value of such land, but that land bearing such young 

 timber shall be assessed the same as wild unimproved bare land of similar 

 quality. 



4. That at any time within five years of passage of the act, any 

 owner of land bearing mature timber may declare the value of that timber 

 and that thereupon the proper officials shall separate the assessed value of 

 the property belonging to the said owner, into two parts, the sum of which 

 shall equal the former assessed value of the property. The value of the 

 timber shall be entered in a separate record for purposes of future taxation, 

 and shall be assessed annually at current rates but shall not thereafter 

 be reassessed or increased. The remaining value shall be the assessed value 

 of land and other property, and shall be assessed as before, so that the 

 sum of assessed values shall remain the same as the total property as if the 

 separation had not been made, for a guaranteed period of at least three 

 years. 



5. That in consideration of declaration of value of timber, there shall 

 be no revaluation of the land for a period of three years thereafter, and 

 that in consideration of the fact that whatever valuation is placed by the 

 owner on the timber the owner thus fixes the residual value of the land 

 for taxation, and that the total value of the property is neither increased 

 nor decreased, the assessors shall accept without review the value of said 

 timber and not increase the same, since such action would either decrease 

 the assessed value of the land or increase the value of the total property 

 before the end of the period of three years agreed upon. 



6. That at the expiration of three years from date of declaring the 

 value of the timber, or at any time thereafter, the value of the land may 

 be reassessed but that said assessed value shall not include the value of 

 any timber whatever, young or mature, and shall not exceed the value of 

 the wild or unimproved lands of similar character in the vicinity. 



7. That in the absence of a declaration of value of timber within the 

 period of five years, the value of the property shall be assumed to be that 

 of land bearing no timber of taxable value, until reassessed. But that 

 before reassessing any land on which no timber values have been previously 

 declared, the assessors shall ascertain whether there be any timber values 

 on said land, and shall in every case, separate said value for purposes of 

 taxation. 



8. That from date of passage of law, a products tax shall be assessed 

 upon the stumpage value of all timber cut from the land except such timber 

 products as are used on the land belonging to and assessed against the 

 same owner or by the owner in the same town, for domestic use or improve- 

 ments having a taxable value. That this tax shall be one per cent, of the 

 said value for the first ten years following the passage of act, and shall 

 increase one per cent, for each succeeding decade up to a maximum of six 

 per cent, provided that nothing in this section shall prevent the payment 

 of a products tax on said exempted products for the purpose of obtaining a 

 reduction of assessed valuation on said standing timber. 



9. That the value of any timber stumpage which has been declared by 



