56 YELLOW POPLAR IN TENNESSEE. 



Taxes. A uniform tax of 1.20 per cent, on the actual soil value ($5 

 an acre) is allowed for the entire period. The tax on the timber is as- 

 sumed not to begin until the stand is 20 years old, at which period the 

 stand begins to acquire merchantable value. The actual value at the end 

 of each five years is taken as the assessed value, with a tax rate of one 

 per cent. 



