Estate of Carolyn J. Rogers - Page 28




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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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Last modified: May 25, 2011