Conservation Easements
A conservation easement is a legal agreement in which a landowner voluntarily agrees to keep their land in conservation use. The landowner still owns the property and can continue to use and enjoy their land, but future development is limited. The future development rights are, in essence, severed from the property and donated to a non-profit conservation organization or government agency which monitors the Property for compliance with the easement terms. Each property is different and each easement is drafted for that Specific property to ensure the protection of the conservation purposes. The loss of those future development rights is variable depending upon the location and type of Property and easement restrictions. These can be valued with a qualified appraisal and, if donated to a qualified entity, the amount is considered a charitable deduction for tax purposes. The I.R.S. and some states provide income tax incentives for the donation of a permanent conservation easement when certain conditions are met.
Property Tax Relief
In addition to conservation easements, voluntary conservation restrictions may entitle landowners to local property tax relief. Even if you are not interested in a permanent conservation easement, there may still be financial benefits available to you for the voluntary conservation of your property. In order to qualify for some of these programs, land management plans may be needed, which we can also provide. Contact us for more information on land conservation incentives.