Appraising Damaged Timber
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Estimation of the value of damaged
timber stands can be complicated.
The foundation for any valuation
calculations involving damaged
timber is land expectation value
(LEV). A timber damage model
using LEV is described in detail. The
concept is economically sound as it
ignores sunk costs and considers
land opportunity cost and the
impact on future rotations. The
method described is an income
approach. The results can also be
applied to a replacement cost model.
The two approaches will produce
consistent results. FORVAL is a free
computer software model that uses
the same methodology and will
produce the same results.