not considered in valuing merchantable tim- 

 ber. 



"The value of merchantable timber depends 

 on the kind and size of trees and the number 

 of acres of such trees. While young timberland 

 containing small growing trees has some value 

 separable from the land, such value cannot be 

 realized without reducing the productive value 

 of the timberland. Therefore, the smaller trees 

 should be included in the valuation of the land, 

 and a separate value should be added only for 

 pole size and saw log stands of merchantable 

 timber. 



"Following are the main steps for the ap- 

 praisal of such merchantable timber: 



(1) Determine the approximate number of 

 acres which are covered with merchant- 

 able timber. Aerial photographs, in addi- 

 tion to field checks, furnish this infor- 

 mation and the use of a planimeter or 

 grid gives the number of acres. 



(2) Determine the estimated number of pole 

 size and saw log stands of trees in each 



acre of the tract. Again the aerial photo- 

 graphs and the field inspection assist in 

 furnishing information on the number 

 of acres of such mature trees. 



(3) Multiply the total number of acres hav- 

 ing such merchantable timber on the 

 tract by the average value per acre. The 

 average value per acre is estimated ac- 

 cording to the quality and average num- 

 ber of pole size and saw log stands per 

 acre. 



(4) Add the total value of the merchantable 

 timber on the tract to the base land 

 capability value to obtain the total land 

 value of the tract. 



"The Department will give necessary tech- 

 nical assistance on the valuation of merchant- 

 able timber, when requested by the assessing 

 official." 



Real Property Assessment Manual, p. 53 

 Department of Revenue 

 Property Tax Division. 1952. 



INDIANA 



"... properties . . . classified into sub-classes 

 as follows: 



B-l Farms without improvements 

 B-2 Farms with improvements 



Value of land plus improvements 



B-5 All other nonfarm land 



This class shall include strip mine spoil 

 banks, waste lands, abandoned and un- 

 occupied farms, forest lands, etc., and 

 should be assessed comparable to adja- 

 cent farmland." (p. 62.) 

 Methods of appraising farm acreage, includ- 

 ing woodland, by means of productivity ratings 

 are explained and use of average assessed values 

 per acre shown in the following table is sug- 

 gested, (pp. 238-244.) 



Real Estate Assessment Guide, No. 2, 

 2nd ed. State Board of Tax 

 Commissioners. 1961. 



Table VII. — Grades and suggested values per acre 

 of farm land alone (from Indiana Real Estate 

 Assessment Guide) 



Kind of 



land and 

 grade 



Capable of producing 



Produc- 

 tivity 

 rating 

 average = 

 100 » 



Estimated 



cash 



value 2 



Woods: 



A 



B_.__ 

 C_.__ 



D__._ 



E 



Large sawtimber 

 Medium sawtimber 

 Medium to small saw- 

 timber. 

 Small second growth 

 Badly eroded and cut- 

 over land. 



13 



10 

 7 



5 

 2 



$150 and up 

 $100— $150 

 $ 50— $100 



$ 20—$ 50 

 $ 10—$ 20 



1 Productivity factor of 100 represents a national standard 

 for agricultural productivity of an average year and under 

 average farm management practice of 50 bu. of corn per 

 acre, 25 bu. of wheat per acre, 25 bu. of soybean per acre, 

 2 tons of mixed hay per acre, or their equivalents. 



2 Estimated cash value and average cash values are at 

 100%. Assessed values will be at 33 l A% of above. 



35 



