Abstract
Foresters have long argued that the ad valorem property tax results in deferred yield bias and is unjust as applied to forestry. The average annual tax ratio, i.e., property tax as a proportion of annual income (the usual criterion of deferred yield bias), is shown to be the same for forestry as for an annual income enterprise (where the product is taxed along with the land). The property tax is shown to have an effect on forestry similar to that of other business ventures which are not initiated and completed within a single fiscal period.
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