Texas landowners and forestry professionals heard a discussion of methods for maximizing the value of real property, including farm, ranch, and forest, during the 2005 annual convention of the Texas Forestry Association at Tyler, on Wednesday, November 16.

Property has several layers of value, beginning with the dirt, said presenter Mike Bird, CEO of Advanced Ecology, Inc., an environmental consulting firm based at Center, Texas.

In addition to the traditional uses of farming, ranching, and forestry, a number of public and private programs offer "asset stacking" for additional income from the same property, Bird told landowners. Among the income-producing possibilities are hunting leases, carbon sequestration, wetlands mitigation, and a variety of other environmental incentives offered through various branches of the U.S. Department of Agriculture and other state and federal agencies.

William R. Cousins, an attorney and CPA, gave general advice on claiming losses for down timber for Hurricane Rita, and assistance available in hurricane affected areas. (See separate story for IRS-announced timber loss programs.)

Cousins also reviewed the current state of federal tax laws. "Estate taxes are not going away," he told the convention audience. He recommended taxpayers use common sense in planning their affairs, and advised against giving up good judgment to experts. "Understand what you are doing" when deciding on use and disposition of assets, Cousins counseled.

Rita Report

Tom Boggus, Texas Forest Service, said the Hurricane Rita timber damage in East Texas was equivalent to about one year of normal timber harvest. Estimated value of damage is $830 million, with non-industrial private landowners taking the biggest hit, and needing the most help.

Boggus said the earlier and greater damages in Louisiana and Mississippi have overshadowed public attention, and advised Texas landowners to take advantage of assistance available to offset their losses.

Maintenance of the forest resource long term is a problem, Boggus said. "The damage will affect us for many years to come, and reforestation is an issue."

A number of suppliers exhibited their wares and services during the three-day convention, held at the Holiday Inn Select in Tyler.

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