SUMMARY: LC 43 0474  LC 43 0636S  LC 43 0990S

This is the enabling legislation for a constitutional amendent (HR 51) to change the valuation of forestland and the calculation of the local assistance grants.  This would not go into effect unless the amendment passes in November 2018.

Eliminates the use of the 2008 values and instead will use the 2016 values and change every three years

Creates a new category for property, qualified timberland property, with the primary purpose being commercial timber production

The Department of Revenue (DOR) will adopt and maintain a qualified timberland property appraisal manual.  The valuation will be based on the actual income data for the property but cannot be less than 175% of the FLPA (Forestland Protection Act) value for the property.

DOR can withhold a 3% administrative fee from FLPA assistance grants to school districts, cities, and counties

The covenant period would be changed from 15 years to ten years