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of the five leased tracts were somewhat superior to the timber
quality on the five estate tracts. Because of this difference,
he concluded that a downward adjustment of no more than 10
percent was warranted.
Except for the timber volumes, timber quality, and timber
quantity on these lands, respondent does not question that the
lands included in the leases for the five leased tracts are
physically comparable to the timberlands elected for special use
valuation by petitioner. The foregoing includes timberland only
and specifically does not include standing timber and
pastureland.
Respondent has submitted an original and two rebuttal
reports from his expert, Richard Maloy. The parties agree that
these reports are accepted as if the author had testified to
their contents. Maloy & Co., Inc., provides real estate
appraisals. Richard Maloy graduated from the University of
Alabama with a B.S. in marketing in 1973 and obtained his J.D.
from the Birmingham School of Law in 1979. He is a Licensed Real
Estate Broker and a State Certified General Real Estate Appraiser
in the State of Alabama.
Mr. Maloy contends that "Comparable leases must have been
negotiated under recent (5-year period of analysis) dates to
ensure comparability of economic conditions." Mr. Maloy further
states the following: "Lease comparability under section
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