Exhibit 31 



Indicated Value Per Acre of Pine Woodland on the Basis of Capitalization of Net Income Derived From Growth 











Florida Forest Survey Units 





Tree 



Site index 

 class 



Stocking 

























Northwest 



Northeast 



Central 



South 





80 



A 



$81 



S78 



$56 



(') 



Slash Pine 



70 



A 



58 



56 



38 







60 



A 



38 



36 



23 







50 



A 



22 



21 



11 







80 



A 



65 



63 



45 





Loblolly Pine 



70 



A 



45 



43 



30 







60 



A 



30 



28 



18 







50 



A 



15 



14 



9 







80 



A 



67 



64 



45 





Longleaf Pine 



70 



A 



45 



44 



29 







60 



A 



28 



26 



15 







50 



A 



12 



11 



4 







70 



A 



16 



16 



11 





Sand Pine 



60 



A 



9 



9 



6 





Derivation: Net annual income Exhibit 33 capitalized at 7%. Loblolly and Sand Pine by ratio to slash pine. 

 1 See Section 3.7-2 (B). 



Exhibit 32 



Calculation of Net Annual Income From Slash and Longleaf Pine Woodland on the Basis of Growth Per Acre 



Per Year 





Tree 



Site index 



Stocking 

 density 



(1) 

 Average 



growth per 

 acre per 



year (cords) 



Net income per acre allowing $1.50 per acre 



expense (3) 





(2) Average stumpage price per co 



rd 





$7.80 



$7.59 



$5.87 



$4.22 





Northwest 

 Florida 



Northeast 

 Florida 



Central 

 Florida 



South 

 Florida 





Slash Pine 



80 

 70 

 60 

 50 



A 



A 

 A 

 A 



.92 

 .71 

 .53 

 .39 



$5.68 

 4.04 

 2.63 

 1.54 



$5.48 

 3.89 

 2.52 

 1.46 



$3.90 



2.67 



1.61 



.79 



( 4 ) 



Longleaf Pine 



80 

 70 

 60 

 50 



A 

 A 

 A 

 A 



.79 

 .60 

 .44 

 .30 



4.66 



3.18 

 1.93 



.84 



4.50 



3.05 



1.84 



.78 



3.14 



2.02 



1.08 



.26 





1 Column 8, Exhibits 35 and 35a. 



2 Exhibit 34. 



3 Section 3.7-4 (C). 



4 See Section 3.7-2 (B). 



values is determining species and site index, 

 a one-time procedure. 



(B) In that the South Florida area has little 

 or no commercial producing pine or hardwood- 

 land, other criteria should be used to deter- 

 mine value, such as pasture land, cropland, 

 or other. 



3.7-3 Formula for Determining Assessed 

 Value. 



The valuation of properties based on cap- 

 italization of the average net annual income 

 is derived by dividing the average net annual 

 income by a capitalization rate which properly 



20 



