Establishing a new classification for managed timberland leased for substantial income

HB 3402 creates a new property tax classification for managed timberland leased for "substantial income" in West Virginia. It defines "managed timberland" as 10+ contiguous acres devoted to forest use with sufficient trees, requiring landowners to maintain sustainable management plans approved by the West Virginia Division of Forestry. Qualifying landowners would receive a lower tax classification (Class III) instead of higher rates, based on certified assessments from the Tax Commissioner. This directly affects private timberland owners leasing land for significant income who meet the sustainability and acreage requirements. The bill is currently in the House Finance Committee after introduction on March 17, 2025.