Rural appraisers should be aware of the important contribution wildlife values and hunting leases make to forestland value. Many rural appraisals take place on small family holdings that constitute about 62 percent of private forestland in the United States. Roughly 12 percent of these small forest holdings are leased for hunting or some other recreational use, producing significant annual revenue. The methodology to value these contributions is described. Using southern hunting lease revenues and a six percent real discount rate, hunting leases increased forestland values by $184.00 per acre on average, certainly a significant contribution to value.