The Speculative Shadow over Timberland Values in the US South
Abstract:In well-functioning markets, forestland prices capture a wealth of information regarding current as well as anticipated uses of land and resources contained on it. They reflect the valuation of current uses and incorporate information regarding productivity, standing timber capital, and the effects of taxes that apply to land and production. Land prices are speculative by definition, so they also incorporate information regarding anticipated future uses of the land and resources. A study of spatial patterns of assessed forestland prices in Georgia shows rising nontimber values in certain locations and suggests shifts in the future use of land and resources. As expected, land prices anticipate future development of forested land at the periphery of urbanizing areas. Rising timberland values also portend changes in land uses in some more rural counties. In these areas, it appears that low-density residential growth and recreational values are having an impact on the uses of timberland that is greater than previously thought. These findings provide some insights into the causes of ongoing shifts in ownership of forested land between industry, individuals, and equity concerns. Anticipated population and income growth in the South could hold important implications for both the supply of timber and the conditions of forestland in a large portion of the region.
Keywords: conservation planning; environmental management; forest; forest management; forest ownership; forest resources; forestry; forestry research; forestry science; land markets; land use; natural resource management; natural resources; property assessment
Document Type: Regular Article
Affiliations: 1: Project Leader USDA Forest Service PO Box 12254 Research Triangle Park NC 27709, Email: firstname.lastname@example.org 2: Professor Warnell School of Forest Resources University of Georgia Athens GA 30602 newman@ forestry.uga.edu
Publication date: December 1, 2004
- The Journal of Forestry is the most widely circulated scholarly forestry journal in the world. In print since 1902, the Journal has received several national awards for excellence. The mission of the Journal of Forestry is to advance the profession of forestry by keeping forest management professionals informed about significant developments and ideas in the many facets of forestry: economics, education and communication, entomology and pathology, fire, forest ecology, geospatial technologies, history, international forestry, measurements, policy, recreation, silviculture, social sciences, soils and hydrology, urban and community forestry, utilization and engineering, and wildlife management. The Journal is published bimonthly: January, March, May, July, September, and November.
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