Date of Award
Master of Science
Garland R. Wells
D. M. Ostermeier, O. S. Fowler
The enactment of the Property Assessment and Classification Act of 1973 created the need for a different method of assessing timberland. The Act exempted timber and provided for present-use assessments. The history and evolution of the ad valorem tax system in Tennessee were examined. Attention was given to the biases of the unmodified ad valorem tax as applied to timberland. The productivity concept was defined, and its variations were examined to determine which would be applicable for the assessment of timberland in Tennessee. Attention was given to the "bare-land", "modified", and "sustained yield" productivity approaches, and the market value adjustment approach. The "bare-land" and market value adjustment approaches appeared to best fulfill the requirements of the present law in Tennessee. The "bare-land" and market value adjustment approaches were examined to determine whether either could be possibly implemented. The "bare-land" approach was found, theoreti-cally, to be the most correct. This approach is similar to the income method of appraisal when land is assumed bare and its value is derived from expected timber production. It was hypothesized that both approaches can be implemented, even though limitations could be associated with both.
Allinder, Joseph Craig, "An evaluation of the property tax system of Tennessee as applied to timberland--a productivity approach. " Master's Thesis, University of Tennessee, 1973.