able resource of this state. 



(2) It is the public policy of this state that 

 timberlands be managed in such a way as to 

 assure a continuous supply of forest products. 



(3) It is in the public interest that forest 

 valuation and taxation policy encourage and 

 permit timberland owners to manage their lands 

 to sustain maximum production of raw ma- 

 terials for the forest industry, to maintain 

 other public benefits, and to maintain a stable 

 and equitable tax base. 



(4) Forest management entails continuous 

 and accumulative burdens of taxes, protection, 

 management costs, interest on investment, and 

 risks of loss from fire, insects, disease and the 

 elements over long periods of time prior to har- 

 vest and realization of income. 



(5) Existing timberland valuation and taxa- 

 tion procedures under the general property tax 

 system are consistent with the public interest 

 and the public policy herein set forth only when 

 due consideration and recognition is given to all 

 relevant factors in determining the true and 

 fair value in money of each tract or lot of tim- 

 berland. 



(6) To assure equality and uniformity of 

 taxation of timberland, uniform principles 

 should be applied for determining the true and 

 fair value in money of such timberlands, taking 

 into account all pertinent factors such as re- 

 gional differences in species and growing condi- 

 tions. 



(7) The true and fair value in money of 

 timberlands must be determined through appli- 

 cation of sound valuation principles based upon 

 the highest and best use of such properties. The 

 highest and best use of timberlands, whether 

 cut-over, selectively harvested, or containing 

 merchantable or immature timber, is to man- 

 age, protect and harvest them in a manner 

 which will realize the greatest economic value 

 and assure the maximum continuous supply of 

 forest products. This requires that merchantable 

 timber originally on timberlands be harvested 

 gradually to maintain a continuous supply until 

 immature timber reaches the optimum age or 

 size for harvesting, that immature timber on 

 timberlands be managed and protected for ex- 

 tensive periods until it reaches such optimum 

 age or size that such timberlands be continually 

 restocked as harvested. 



(8) Reforestation entails an integrated for- 

 est management program which includes grad- 

 ual harvesting of existing merchantable timber, 

 management and protection of immature tim- 

 ber during its growth cycle until it reaches the 

 optimum size or age for harvesting and a con- 



tinual preparation and restocking of areas after 

 harvest. Such management of timberlands is 

 now generally followed and practiced in this 

 state and it is in the public interest that such 

 management be continued and encouraged. 



(9) The prices at which merchantable timber 

 is sold generally reflect values based upon im- 

 mediate harvesting, and the prices at which 

 both merchantable and immature timber are 

 sold frequently reflect circumstances peculiar to 

 the particular purchaser. Such prices generally 

 make little or no allowance for the continuous 

 and accumulative burdens of taxes, protection, 

 management costs, interest on investment, and 

 risks of loss from fire, insects, disease, and the 

 elements which must be borne by the owner of 

 timberlands over long periods of time prior to 

 the time timber is harvested and income is 

 realized. Such prices do not, therefore, provide a 

 reliable measure of the true and fair value in 

 money. Accordingly, both the public policy and 

 the public interest of this state and sound prin- 

 ciples of timber valuation require that in the 

 determination of the true and fair value in 

 money of such properties appropriate and full 

 allowance be made for such continuous and ac- 

 cumulative burdens over the period of time be- 

 tween assessment and harvest. 



FACTORS TO BE CONSIDERED IN 

 VALUATION OF TIMBERLANDS 



RCW 84.40.034 



In determining the true and fair value in 

 money of timberlands, sales prices, or values 

 based upon immediate harvesting, however as- 

 certained, shall be adjusted to give full consid- 

 eration and effect to, and make appropriate 

 allowance for, the following factors : 



(1) Forest land quality, which shall be de- 

 termined by analysis of existing timber stands, 

 if present, of soil quality and of other generally 

 accepted indicators. 



(2) Age and density of timber stand. 



(3) Species of timber. 



(4) Quality of timber, which shall be de- 

 termined by analysis of the percentages of the 

 various log grades that will be recovered, such 

 grades to be determined by references to gen- 

 erally accepted log grade rules. 



(5) Harvesting costs which will be incurred 

 in converting the timber to marketable prod- 

 ucts, as affected by topography, distance from 

 roads, distance from markets, harvesting meth- 

 ods and volume and size of timber. 



(6) Accumulative burdens which will be in- 



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