HB 3402
Establishing a new classification for managed timberland leased for substantial income
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a new classification for managed timberland in West Virginia that is leased for substantial income. It establishes criteria for landowners to qualify as ‘managed timberland that is leased for substantial income’ and how this classification will be assessed for property tax purposes. Specifically, properties in this category will be taxed at the same rate as Category A managed timberland, regardless of timber quality, and require a formal lease agreement with the lessee engaging in timber-related economic activities. The bill also outlines penalties for landowners who fail to implement a certified managed timberland plan within a specified timeframe.
Key provisions
- Establishes a new classification for ‘managed timberland that is leased for substantial income’.
- Defines ‘substantial income’ as a percentage of assessed value or a minimum dollar threshold.
- Requires a formal lease agreement and timber-related economic activity for certification.
- Sets a tax rate for this classification equal to Category A managed timberland.
- Outlines a penalty for failing to implement a certified managed timberland plan.
- Specifies oversight roles for the West Virginia Division of Forestry and the State Tax Division.
- Details a fine for non-compliance, calculated based on tax savings and interest.
- Requires the assessor to reassess the property upon removal of certification.
Who is affected
- Timberland owners
- Timberland lessees
- West Virginia landowners
- West Virginia tax assessors
- West Virginia Division of Forestry
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