be at once taxed in a sum equivalent, as far as this may be 

 determined, to the accumulation of the taxes it would have 

 paid if not separately classified; provided, that this section 

 shall not prevent dissolution of the contract and reclassifi- 

 cation of the land without penalty at any time by mutual 

 consent of the owner and the state forester on behalf of the 

 state. 



9. To the end that cutting of standing timber shall be 

 conducted so as to place the land in the best condition for 

 reforesting, uncut forest land may be subject to examination, 

 plan and contract as provided for by this act and the sep- 

 arate classification of the land for taxation shall take effect 

 within one year after the standing timber is cut and removed 

 in full compliance with the terms of said contract. 



Taxing Mature Lumber. 



"For taxing mature forests the following is the summary 

 of the plan: 



1. Owners of mature timber may apply to state forester 

 for separate classification, agreeing in event of approval to 

 co-operate in fire prevention and apply precaution in logging 

 to a specified extent as long as classification continues. 



2. Certification of classification made by state forester to 

 owner, county assessor and tax commission. Assessor there- 

 after includes only land value in annual assessment. Land 

 tax paid annually. 



3. Forest material taxed only where cut, at rate, (deter- 

 mined as previously described), amounting to present rate 

 on full value applied to full value at time of cutting and 

 multiplied by number of years since classification, provided 

 that in ten years and every ten years thereafter tax commis- 

 sion with advice of forest board may readjust this rate If 

 necessary to prevent from becoming excessive. 



4. Provision for establishing value of cut and preventing 

 fraud. 



5. State treasurer keeps account with each county, debit- 

 ing or crediting each, and drawing from or paying to county 



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