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(lemmy.blahaj.zone)
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Correctly it would be 'Holz' and not 'Holtz'
The latter I've heard as a family name sometimes. But you're probably right, that it historically referenced 'Holz'
Edit: only found a German page about the origins of the name, and yes, it is very probably coming from forest, woodland, wood
https://namensherkunft.info/namensherkunft-holtz/