Center for Forest Business

Qualified Timberland Property: A new property class for Georgia forest landowners to consider

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Thanks to a recent law change, forest landowners in Georgia now have another option to consider when it is time to conduct their property tax planning. The change was brought by House Resolution 51 and its enabling legislation (House Bill 85) passed in 2018. A new class of real property–Qualified Timberland Property (QTP)–was created for ad valorem tax purposes. Qualifying forest landowners can start an application beginning in tax year 2020. An unusual feature of this law is that it vests the appraisal of QTP properties with the state and not the county. This would improve uniformity of timberland valuation for ad valorem tax purposes in Georgia.

Qualified Timberland Property November 2020Download

Property Tax Incentives for the Georgia Landowner 2020

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http://www.ugacfb.com/wp-content/uploads/2020/06/2020-Sep_GA_Property_Tax_Manual.pdf

The Langdale Center for Forest Business has released its 2020 Revision of the ever popular Langdale Center for Forest Business Research Note Number 3, Property Tax Incentives for the Georgia Landowner, which was first published in 1993.  This 192-page book is a review of all the ad valorem tax incentives offered by the State of Georgia to Georgia Landowners including Agricultural Preferential, Conservation Use Valuation (CUVA), Timber Tax calculations and payments, the Forest Land Protection Act (FLPA) and the new Qualified Timber Property (QTP) tax class. 

The book continues with the popular format of a summary of each section followed by pertinent Official Code of Georgia Annotated (O.C.G.A.) sections and major court cases.

Langdale CFB Students attend GFA’s Forestry Day at the Capital

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Recently, a group of Langdale CFB students traveled to Atlanta to attend Georgia Forestry Association’s “Forestry Day at the Capitol.” Governor Kemp and industry leaders from around the state gathered to discuss property taxes, market conditions, land use, and regulatory issues.

Among many of the issues discussed were the challenges faced by logging operators. Dr. Joe Conrad, Warnell’s professor of Forest Operations, was asked to speak addressing the challenges faced by trucking and logging companies. Dr. Conrad’s address focused the inconsistencies in weight limits for trucks on interstate and state roads. This forces log trucks to avoid interstates; therefore, they predominately use state roads which are more dangerous and less efficient. These issues have become increasingly important as strained markets have limited efficiency and returns.

In addition to GFA’s speakers and luncheon, Langdale Center students were able to sit in on a subcommittee meeting, network extensively, and hear keynote speaker Governor Kemp at the legislative reception.

Pictured from left: Troy Amos, Cameron Walters, and Tony Purnell.
Dr. Conrad addresses GFA attendees on the current challenges faced by logging operators.

Where were Forest Business Students for Summer 2019?

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May 2019 Graduates:

Company, Position, Location

Georgia-Pacific, Procurement Forester, Milledgeville, GA

FORISK Consulting, Industry Analyst, Athens, GA

BTG Forestry Services, Valuation Analyst, Atlanta, GA

Carter and Carter Forest Management, LLC, Jesup, GA

Salm Schulenburg, LLC, Manager of Operation, Atlanta, GA

Returning Graduate Students:

Company, Position, Location

Rayonier Inc., Business Development Intern, Yulee, FL

Domain Capital Group, LLC., Summer Analyst, Atlanta, GA

Campbell Global, Forest Business Intern, Portland, OR

FORISK Consulting, Forest Finance Intern, Athens, GA

Georgia- Pacific, Procurement Forester Intern, Brookneal, VA

Hancock Natural Resource Group, Economic Research Intern, Boston, MA

Georgia Forestry Association, Economics and Policy Intern, Forsyth, GA

Conservation Forestry, LLC., Summer Analyst, Exeter, NH

Assessment, Outlook, and Implications of Wood Pellet Markets

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Andrew Mathis, a soon-to-be MFR Forest Business graduate, recently completed a study on Wood Pellet Markets titled, “Assessment and Outlook for Global Industrial Wood Pellet Markets and the Implications of Evolving Subsidy Schemes for Commercial Southern Yellow Pine Forestry in the US South.”  Andrew has previously worked two summers as a Procurement and Sustainability Forester Intern at Georgia Biomass, LLC and recently accepted a Procurement Forester position at Georgia Pacific, LLC.  To read Andrew’s full report please see attachment below.

Pellet Market – Andrew Mathis Spring 2018

Where will Forest Business Students be for Summer of 2018?

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May 2018 Graduates:

Company, Position, Location

International Paper, Fiber Supply Associate, Georgetown, SC

Hancock Natural Resource Group, Natural Resource Economist, Boston, MA

Georgia-Pacific, Piedmont Region Analyst, Warm Springs, GA

Domain Capital Group, LLC, Portfolio Analyst Intern, Atlanta, GA

 

Returning Students (Internships):

Company, Position, Location

Georgia-Pacific, Procurement Forester Intern, Madison/Warrenton, GA

Georgia Biomass, LLC, Sustainability and Procurement Inter, Waycross, GA

Georgia-Pacific, Fiber Procurement Intern, Cedar Springs, GA

BTG Pactual, Timberland Investment Intern, Atlanta, GA

International Paper, Fiber Supply Intern, Augusta, GA

Rayonier, Land Asset Management Intern, Yulee, FL

Hubbard Family Office, Principal, Marietta, GA

Molpus Woodlands Group, Summer Analyst, Jackson, MS

Domain Capital Group, LLC, Portfolio Analyst Intern, Atlanta, GA

The Cost of Conversion, Dr. Bin Mei

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“If the U.S. wants to scale up the use of wood pellets to produce energy, either the government or power customers will have to pay an extra cost, according to UGA research published in Energy Economics. Right now, “it’s just not economically feasible to use wood pellets in energy production,” says Bin Mei, associate professor of forest resource finance and economics in the Warnell School of Forestry and Natural Resources.

Wood pellets are used heavily in European power plants because of a mandate to cut fossil fuel emissions, according to Mei, but that energy production is heavily supported by government subsidies.”

UGA Research Magazine Spring 2018 (page 13):

CFB Students’ Team Wins ACG Valuation Competition

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Two Langdale Center for Forest Business students, as well as their teammates from the UGA School of Law and the UGA MBA program took home the first place prize in the annual Association for Corporate Growth ACG Cup competition on March 30th, 2018. Held annually in Atlanta, this year’s competition pitted teams from UGA against each other in a real-world case study competition as part of the Valuation course in the Terry College of Business, taught by the Center for Forest Business’s own, Dr. Richard Bin Mei. Each team receives information regarding the financials and potential courses of action for a fictitious firm that is exploring strategic alternatives. Teams are tasked with evaluating the value of each potential alternative using a series of valuation methods, including Comparable Companies Analysis (CCA), Precedent Transaction Analysis (PTA), Discounted Cash Flow analysis (DCF), and Leveraged Buyout analysis (LBO). Each team then makes a presentation to a mock board of directors and gives their recommendations for the firm, as well as any potential alternatives the board should explore. The mock board serves as the judges for the competition, and is composed of   professionals from investment banking, private equity, and corporate finance roles.

 

Pictured from left to right: Wengxing Tang (UGA MBA), Carli Gish, (UGA Law), Alexander Barfield (Langdale CFB), Bradley Carr (Langdale CFB)