Norfolk Land Trust encourages landowners to start the process by September 15

By Susannah Wood

Conservation easements are legal agreements between a landowner and  a non-profit conservation organization such as the Norfolk Land Trust in which the landowner agrees to certain development restrictions on a piece of property in order to preserve open space, wildlife habitat, viewshed, agricultural land or other conservation values. Government entities can also hold conservation easements. The easement remains in effect no matter who owns the land, and the conservation organization is responsible for monitoring the property and making sure the terms of the easement are being followed.

Easements can be designed in many ways to suit the landowner’s future plans. One easement might reserve for the owner the right to build a house on a designated portion of the property; another would allow agriculture; a third might make provision for timber harvest. Public access is not a requirement, although lands set aside for recreational or educational purposes need to provide public access to qualify for a federal tax deduction.

Conservation organizations typically use a set of criteria to determine if  the property on which the easement is proposed meets their standard of conservation values. The Norfolk Land Trust looks at factors such as connection to existing open space, recreational opportunities, and management issues as well as the property’s natural resources. A full list of criteria is available from the Land Trust.

While some easements are sold, most are donated and so can be used as charitable deductions on federal income tax. The value of the donation is typically figured on the difference between the worth of the landowner’s entire property with and without the easement. Another significant incentive to landowners is a reduction of estate tax when the land passes on to the next generation.

2007 may be the last year for special tax advantages aimed at encouraging conservation easements. While Congress is considering extending these measures, for now landowners must act this year to get the increased deduction of up to 50 percent of adjusted gross income. With that in mind, the Norfolk Land Trust would like you to know that if you are thinking of placing an easement on your property, it is important that you start early. There are a number of steps that need to be followed, including an appraisal, a title report, and an environmental assessment. Interested landowners should consult with their legal and tax professionals. The Land Trust has set a cut-off date of September 15 for landowners to propose the donation of an easement. 

The Land Trust Alliance has a useful website at  www.lta.org  or contact the Norfolk Land Trust, P.O.  Box 363, Norfolk CT 06058..