Page 28 - Georgia Forestry - Fall 2017
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FLPA or CUVA. Although the tax code suggests the adoption of the income approach in determining the fair market value of income-producing properties (timberland is one of them) for property taxation purposes, most counties use the comparable sales approach in practice for convenience.
This largely leads to the wide range of timberland assessed values across the state and many disputes on assessed values because the number of com- parable timberland sales is generally quite limited in each county within a year, particularly given that each piece of timberland in any given transaction is different in terms of its timber inven- tory, location, soil productivity, etc.
IMbalance
Georgia’s tax structure also
makes the assumption that the wealth in our state is in the land. While this was definitely the case in 1917, it is not the case in 2017 as we see the massive concentration of wealth in Atlanta and nine other cities desig- nated as “metropolitan.”
Our approach to funding rural schools, government and infrastruc- ture primarily from ad valorem taxes reminds us of the this quote from Sir Winston Churchill, “for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” In the case of Georgia timberland, the current system is killing the goose that lays the golden egg.
What do
we do now?
GFA is leading the effort to address some of these issues by advocating for the passage of House Bill 85 and House Resolution 51. These two leg- islative measures would help address the variability from county to county in timberland valuations as well as improve the ability for landowners to access programs that are designed to help keep their timber a viable invest- ment and a sustainable resource for providing environmental and ecolog- ical benefits to the public.
With funding provided by the Georgia Forestry Foundation, the Harley Langdale, Jr. Center for Forest Business is working to better under-
www.lmssgps.com (866) 395-5440
Buyers of Land and Timber in Georgia and the South
Canal Wood LLC
601 North Belair Square, Suite 21 • Evans, GA 30809 Phone (844) 360-2774 • info@canalwood.com
2
864-889-0341
fwforestry.net
fountainsland.com
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