In the late eighties, a new property class, Class 7, was introduced called Managed Forest Land. Forest land in this class is privately owned and valued on a two part basis, as detailed in section 24 of the Assessment Act.
First, there is a bare land value that incorporates factors like soil quality, accessibility, parcel size and location.
Second, there is an added value for cut timber when it is harvested; for example, timber harvested in the calendar year 2000 will show up as added value on the assessment notice of a forest land property in 2002. For property taxes payable in the summer of 2002, part of the value might come from trees harvested up to two years prior. Prospective purchasers of property classed as forest land are advised to enquire about the possible property tax implications of previous harvesting on the property.
Both the land and harvested timber are valued on the basis of rates prescribed by the assessment commissioner.
Further information on valuation and classification can be obtained from BC Assessment through either the local assessor, their website or the Senior Forester, Valuation Services Division, 1537 Hillside Avenue, Victoria, BC, V8T 4Y2.