042 MISC. PUBLICATION 218, U. S. DEPT. OF AGRICULTURE 
B. Farm, 60 acres, 30 acres grade A crop land, 30 acres swamp, 
buildings worth $2,500, good road, and near small 
market—$5,500. 
C. Timber-cutting rights, 1,000,000 feet board measure for 
3 years, and 9 miles from wood-products plant—S$4 per 
1,000 feet board measure, payable as cut, with a stated 
advance to protect the vendor. 
D. Resort lot, 1 acre upland, and 100 feet grade A shore 
line—$200. 
E. Pasture right, 20 acres, rented for $20 a year. 
3. Assessment: 
A. Sale B shows grade A crop land to be worth slightly under 
$100 per acre. Sales evidence over a long period indi- 
cates that grade A crop land is worth about one-half 
more than grade B. Setting grade B at $65 per acre, 
therefore, 40 acres are worth $2,600. Pasture rents for 
$1 per acre per year (sale EK), or 50 cents net to the 
owner after deducting taxes and other expenses. Using 
a capitalization rate of 5 percent, 100 acres of pasture are 
worth $1,000. Forest land appears from sale A to be 
worth something less than $3 an acre in a comparatively 
remote location, and such land is probably worth $3 in 
the case of property A, or $480 for the entire 160 acres. 
Firewood is known not to have much value, due to com- 
petition from oil. The possibility of saw logs is very 
remote. The assessor’s best judgment can assign no 
more than $200 to firewood and the possibility of saw 
logs. The total value of the property is, hence, crop 
land $2,600, pasture $1,000, woodland $680, buildings 
$3,000, total $7,280. 
B. The forest land is worth $3,000, which includes whatever 
slight value may attach to the 150 cords of wood. Sale 
C shows that timber stumpage is worth $4 per 1,000 
feet board measure, 9 miles from market. Only one 
trip per day can be made with a man and team at this 
distance, and since a man and team are worth $6 per 
day and can carry 1,000 feet at a trip, the current reali- 
zation will be increased by $3 per thousand if two trips 
a day can be made rather than one. Property B is a 
two trip a day property, and stumpage is hence worth 
$7 per thousand or $24,500 for the present stand of 
3,500,000 feet. From this amount 25 percent is deducted 
for various risks and carrying charges, leaving a net 
worth of about $18,400. The total value of the property 
is, hence, land $3,000, present stand of merchantable 
timber $18,400, total $21,400. 
C. Grade A shore line is worth, in small quantities, $2 per foot 
(sale D). In large quantities it might be worth 25 
percent less than this, due to carrying charges while 
awaiting sales to ultimate users. The grade A shore 
line of property C might, then, be worth $1.50 per foot, 
or $1,500 for 1,000 feet. Experience has indicated that 
erade C shore line is worth practically nothing. With 
the 10 acres of land, it may be set down at $100. The 
total value of the property is $1,600. 
