WV HB3402

Creates a new property tax classification called "managed timberland that is leased for substantial income" for timberland properties of 10+ contiguous acres that are leased under formal contracts for timber-related economic activities

Defines "substantial income" as a percentage of the land's assessed value or a minimum dollar threshold consistent with Category A property tax requirements

Properties in this new classification will be taxed at the same rate as Category A managed timberland, regardless of the timber's quality or growth stage

Requires landowners seeking this classification to have a formal lease contract with a lessee who uses the land primarily for timber-related economic activities

Assigns oversight of classification and compliance to the West Virginia Division of Forestry and the State Tax Division