As we have reported here, during the recent economic downturn, as land prices declined, Managed Timberland taxes increased - a contradiction in how value-based tax systems work. A WVU economist found why this happened; including, mixed values (nominal and real dollars in same formula) and non-statutory dollar-constants below which land values could not fall.
Some time ago, this information was submitted to the State Tax Commissioner and, in an amicable response, the tax office agreed that a fix is needed. Recently, we also reported that the legislature’s Rule-Making Committee passed the rule as needed to allow its introduction in the next session of the legislature.
But, in a surprise move by the WV Tax Department, the rule was withdrawn, at the end of last week. More as we know it...
