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significantly or in a different manner from the timber on the
five leased tracts. Third, the conservation techniques employed
are similar. The conservation techniques are generally the same
on all managed timberland. Leased property is clear cut and
replanted instead of select cut which is true in almost every
lease comparison. Fourth, all of the properties are subject to
periodic flooding. Fifth, all of the land is relatively flat.
Sixth, all of the properties have a hardwood/pine mix. Seventh,
each of the properties is unified as a separate property but is
segmented by logging roads that allow movement. Eighth, only two
of the properties have any improvements, the Lanford A and the
Woodward tracts. Those improvements are valued at approximately
$2,707 and $5,610, respectively, according to the Butler &
Gardiner appraisal. Ninth, all of the properties in these three
counties have access to secondary roads and similar access to
markets.
As a general principle in valuing timberlands or any other
type of real estate, no two properties are identical. Properties
can be compared, however, when they have enough characteristics
in common. Such properties may be similar but not identical as
to those characteristics, and only rarely will any two properties
be similar as to all factors. Special use valuation under the
rent capitalization method necessarily requires comparison of
unleased property with leased property. The reason is that
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