This bill amends the Code of West Virginia to change the certification requirements for managed timberland, shifting the renewal period from annually to every five years. Property owners are now required to certify in writing to the Division of Forestry that their property qualifies as managed timberland and that they will adhere to an approved management plan. The bill also grants the Division of Forestry the authority to create rules for the certification process and mandates the establishment of an online renewal system by October 1, 2023, which will simplify the application process for property owners.

Additionally, the bill outlines the responsibilities of the State Tax Commissioner in valuing industrial and natural resources properties, emphasizing the need for accurate property valuations and confidentiality regarding proprietary information. The Tax Commissioner is required to review valuation methodologies every five years to ensure they align with current technologies and market conditions. Furthermore, the Tax Commissioner must report annually to the Joint Committee on Government and Finance about the managed timberland program's effects on state tax collections and the timber industry, aiming to improve the efficiency and oversight of the program.

Statutes affected:
Introduced Version: 11-1C-10, 11-1C-11