A landowner may wish to restrict certain rights on their property, usually the development rights, while maintaining ownership. The rights may be sold to a land conservation organization at market value, at a reduced price, or donated outright. In return, the landowner retains the remaining rights, sometimes even the development rights to a portion of the land, as long as the property’s conservation value is preserved. The holder of the conservation restriction is responsible for regular monitoring to ensure compliance.
- Continues to enjoy the benefits of ownership
- Land is protected in perpetuity
- If donated or sold at a reduce value, the landowner may enjoy a charitable tax deduction
- The property’s fair market value is lowered which potentially reduces estate and property taxes, depending on certain factors