FOREST TAXATION IN THE UNITED STATES 589 
The steps necessary to compute the adjusted property tax require 
the addition of seven extra columns in the tax roll. Such a tax roll 
would require column headings somewhat as in sample in table 155. 
It is obvious that the computation of the deduction is a simple clerical 
matter and need involve no complications. The additional columns 
need be added to the tax roll only for forest properties, which might 
well be segregated from other properties for this purpose. There 
should be a permanent auxiliary record of the incomes from the 
several ownerships. 
A further refinement could be added in the form of another extra 
column between columns 7 and 8, in which the sum of columns 5, 6, 
and 7 would be entered for convenience in distributing the gross 
income or yield from an ownership among its constituent descriptions. 
TABLE 155.—Portion of sample tax roll, 1936 } 
(Adjusted property tax) 
Extra columns 
Adjust- 
Adjusted ed prop- 
Adjusted value erty 
value Inter- increment | Adjusted | tax 0.025 
Owner | Description! 1936 incre- est 1935 | accumu- | tax base | (tax 
value | 1935 ment | 0.03 X 1935 e lated column | rate) 
value; accumu-| col- | taxes creld before (3) — X col- 
lated umn y 1936, column umn 
through (4) columns (9) (10) 
1934 (5)+(6)+ 
(7) — (8) 
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 
John Jones- nee. a SE | $840 | $850} $109.87 | $25.50 $14.80} $50 $100.17 | $739. 83 $18. 50 
(0) 0 
| 
1 This table agrees with the example in the text for 1936, except that the yield is here $50 instead of $250, 
and the 1936 value is $840 instead of $650. 
APPLICATION TO OLD-GROWTH FORESTS 
In the case of an old-growth forest being converted to sustained 
yield, this plan might or might not result in a tax different from that 
levied under the unmodified property tax. This would depend on 
the method of conversion. During those years in which the conver- 
sion was resulting in a cut sufficient to make the adjusted value 
increment zero, the usual property tax would be levied; and during 
those years in which the cut were less than this, the tax would be less 
than the usual property tax. 
Old-growth forests which were being destructively cut at the time 
of the introduction of this plan would thus not be affected, for the 
adjusted value increment would be zero. If, on that part of a 
property located in any one district, the liquidation were postponed 
for a year or more, the adjusted value increment would accumulate. 
Whenever the liquidation were resumed, the accumulated adjusted 
value increment would be reduced each year by the amount by 
which the yield exceeded the adjusted value increment of the previous 
year until an unmodified property tax was reached. 
Old-growth forests held for future disposition, and on which 
expenses other than taxes are a small item, would reap substantial 
advantage under the operation of this plan. If the property were 
