WVFA eNews Weekly

During the recent economic downturn, as land prices declined, Managed Timberland taxes increased. WVU economist Katherine Gazal found why this happened; including, mixed values (nominal & real dollars in same formula) and an artificial minimum-value assigned per acre caused the problem. This was reported to the state Tax Office. A request from the WV Tax Office was submitted to the WV Rules Committee of the Legislature and, last week, the legislature’s Rule-Making Committee passed the rule as needed to allow its introduction in the next session of the legislature.

Visit https://www.naylornetwork.com/wvf-nwl/articles/?aid=350341&issueID=41995 to view the full article online.

On Thursday, about 60 people attended the WVFA Area Meeting in Elkins. Those present heard from Senators Greg Boso and Robert Karnes and Delegates Bill Hamilton and Bill Harman. The discussion really got lively when the topics of road weights and workers compensation arose. Luckily, there were plenty of loggers there to keep us all straight about what is actually happening in their business.

We look forward to seeing you at one of the remaining Area meetings near you:
Area 4 -- Dec. 02 -- 6:00 p.m. -- Ryan's Restaurant, Beckley
Area 6 -- Jan. 07 -- 5:00 p.m. -- 4-H Camp Grounds, Wood County

Visit https://www.naylornetwork.com/wvf-nwl/articles/?aid=350344&issueID=41995 to view the full article online.

In an industry with the smallest of profit margins, the timber industry seeks every opportunity to operate more efficiently and reduce costs. Insurance often is perceived as a necessary evil seen by many business owners as nothing more than an expense that seemingly rises every year. Many view insurance as a cost of doing business out of their control, but this is NOT the case!

This article will focus on a company’s Workers Compensation Experience Modifier or Emod and how it can reward or punish your company based on losses compared to other companies in your industry. Generally, the Emod is calculated using loss and payroll data from a three-year experience rating period. While some insurance agents try to compete on a low bid, those who do miss the chance to educate employers on how their Emod affects their premium, and how lowering their Emod through targeted improvements in safety, hiring, return to work and other areas will ultimately improve both their direct and indirect worker’s compensation costs.

Visit https://www.naylornetwork.com/wvf-nwl/articles/?aid=350320&issueID=41995 to view the full article online.

REGULARLY/ONGOING
* Walk your land looking for: signs of pests or disease, hazards on your trails, damage from natural disasters or trespassers.
* Keep good records of the activities that you conduct on your property.
* Maintain your property boundaries.
* Maintain wildlife food plots and wildlife structures.
* Maintain fire breaks and lines.
* Monitor and control pests and weeds.

ANNUALLY
* Review your management plan for needed changes and update accordingly.

EVERY 10 YEARS
* Formally review your management plan with your forester and other natural-resource professionals. Update it as necessary to reflect new conditions, forest-management goals and personal circumstances.

Visit https://www.naylornetwork.com/wvf-nwl/articles/?aid=350362&issueID=41995 to view the full article online.