What are "Conservation Easements"?
A conservation easement is a legally binding agreement that states not to develop a whole or part of a property, but to leave it (natural) permanently or for some designated period of time. The property still belongs to the landowner, but the restrictions of the easement apply to that landowner and the subsequent landowners.
An easement restricts development to the degree that is necessary to protect the significant conservation values of that particular property. Sometimes this totally prohibits development, and sometimes it doesn't. Landowners and land trusts, working together, can write conservation easements that reflect both the landowner's desires and the need to protect conservation values. Even the most restrictive easements typically permit landowners to continue such traditional uses of the land as farming and ranching.
Conservation easements are placed on properties for many reasons. Some of the main reasons include, but are not limited to, include:
- To help maintain the wildlife and the habitats of these wildlife animals
- To help guarantee the ability to pass the property to the next generation
- To decrease property taxes
A landowner sometimes sells a conservation easement, but usually easements are donated. If the donation benefits the public by permanently protecting important conservation resources and meets other federal tax code requirements, it can qualify as a tax-deductible charitable donation. The amount of the donation is the difference between the land's value with the easement and its value without the easement.
Conservation easements usually go with the land, binding the original owner and all subsequent owners to the easement's restrictions. Only gifts of perpetual easements can qualify for income and estate tax benefits. The easement is recorded at the county or town records office so that all future owners and lenders will learn about the restrictions when they obtain title reports.
Contact your local land trust to start preserving your land with a conservation easement today.
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