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From Biology-Online Dictionary | Biology-Online Dictionary
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1. Timber in standing trees, often sold without the land at a fixed price per tree or per stump, the stumps being counted when the land is cleared. Only trees above a certain size are allowed to be cut by loggers buying stumpage from the owners of land. (C. S. Sargent)

2. A tax on the amount of timber cut, regulated by the price of lumber.