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comparatively small improvements.4 Ninth, all of the properties
in these three counties have access to secondary roads and
similar access to markets.
Several of the tracts of the leased timberland also had
small camp houses on them like those on the Lanford A and the
Woodward tracts. For example, a summer camp house was located on
the Allen timberland (the Barnes Rogers, et al. March Lease) when
that lease was executed. The presence of a camp house made no
difference in the rental rate and, according to the lessee, no
adjustment was made to the rents because of this cabin, which is
similar to the camp houses on the Lanford A and the Woodward
tracts.
Dr. Haney concluded that a comparison of the five estate
tracts to all five leased tracts would be the most reliable. He
noted that the timber on one of the five estate tracts was
virtually identical to the timber on one of the five leased
tracts. Second, he noted that the timber quality and capability
3(...continued)
agree that these reports are accepted as if the author had
testified to their contents.
Butler & Gardiner provides forest management services and
appraisals. Both Gary Butler and John Caldwell are Certified
General Real Estate Appraisers.
4Dr. Haney separated the improvements on the Lanford A and
Woodward tracts from the valuation of the land and concluded they
should be added to whatever value might be determined under the
rent capitalization approach.
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