Appraisers often use discounted cash flow (DCF) techniques to value timber and timberland. Land expectation value (LEV) is a standard DCF technique applied to many timberland situations. LEV calculates the value of bare land in perpetual timber production and is often used to value evenaged pine plantations. However, it is also useful in the valuation of immature timber stands and uneven-aged timber stands cut periodically. These models have wide applicability in timberland appraisal situations
