102 Foueth Annual Report of the 



"A conservative estimate of the quantity of such denuded 

 lands is four hundred and thirty thousand (430,000) acres, and 

 of such cut-over la^ds one million seven hundred thousand 

 (1,700,000) acres 



" The owner is required to pay taxes on the value of the land 

 alone exclusive of the trees, viz., two dollars ($2) per acre on an 

 average, which remains fixed for fifty (50) years, and the iState 

 pays the taxes, upon the value of the trees, which in the case of 

 reforested lands is eight dollars ($8) per acre, as shown above. 

 The value of the trees upon which the State pays taxes increases 

 year by year. 



" Assume for the sake of argument that the average increase in 

 value of the trees in each case is one dollar per acre per annum. 

 This is a very low estimate — much below the estimate of ex- 

 perts — and, moreover, it is obvious that unless such increase in 

 value exceeds this estimate the State will not receive the amount 

 expended for reforesting lands with interest added. 



" Upon this very low basis of increase you will observe that 

 the average value of the trees for fifty years will be on reforested 

 lands twenty-nine dollars ($29), and upon cut-over lands twenty- 

 eight dollars ($28) per acre. 



" Let us further assume that the assessors fix a valuation for 

 taxation purposes at sixty per centum (60%) of the actual value — 

 or, say, twenty dollars ($20) per acre per annum on an average. 

 The records will show that the average tax rate in the Adirondack 

 and Catskill Park section is about two per cent. (2%) per annum 

 upon the assessed valuation. 



" Therefore, the State in fifty years' time would pay out iu 

 taxes twenty dollars ($20) per acre, and in lieu thereof would 

 receive at the end of such time a cutting tax of ten per centum 

 (10%) or five dollars and eighty cents ($5.80) per acre on re- 

 forested lands, and five per centum (5%), or two dollars and 

 eighty cents ($2.80) on cut-over lands — a loss of fourteen dol- 

 lars and twenty cents ($14.20) per acre on one, and about seven- 

 teen dollars and twenty cents ($17.20) per acre on the other, 

 making a total loss to the State of over six million dollars 

 ,000,000) on the four hundred and thirty thousand acres 



