Ausbon Sargent protects land through the use of conservation easements, and less often, through land ownership.
What is a Conservation Easement?
A conservation easement is a written specification governing the future use of a property. The terms of an easement are flexible and can be tailored to suit your particular property, wishes, and situation.
When a landowner puts a conservation easement on a property, they retain title and use of the land, and are able to sell or bequeath the property in the future. The restrictions included in the easement are permanent and bind all future owners. While easements must provide a public benefit, that does not mean that public access is required. Once a conservation easement is placed on a property, Ausbon Sargent becomes the enforcement agency and will steward and uphold the terms of the easement on behalf of the landowner.
Methods of Land Protection
Donations of Land
An outright donation of land to Ausbon Sargent relinquishes full title and ownership and can have significant tax advantages. A landowner can choose to make the donation through their will and the property will be removed from their estate at the time of death.
A landowner may make a gift of the land, but reserve its use or residency for them or for designated persons. The different types of donations have varied tax advantages.
Sale of Land or a Conservation Easement
The purchase of land or the development rights to it (through a conservation easement) can be made by Ausbon Sargent, however due to extremely limited resources, the land must be of exceptional conservation value or of significant public interest to justify this method of land protection.
A bargain sale is a term used when a property is sold to the land trust for less than its market value. The difference between the market and selling price can be written off on the landowner’s income tax as a charitable donation. A bargain sale also has the benefit in some cases of reducing a landowner’s taxable capital gains.
Current Use
If you do not plan to develop your land and your land is 10 acres or more, you may be able to reduce your property tax through Current Use assessment. Application for the Current Use Program is made through your town’s selectmen. Current Use status remains with the land when sold and the land cannot be developed without paying a penalty charge. However, Current Use status is not considered when the property is appraised for estate taxes. Current Use status is not permanent and so the land is not considered protected in the same way it is under a conservation easement.
Land Trusts Create Privately Owned Public Assets
Land trusts agree to act as the land’s legal guardian in perpetuity. Land protected by a conservation easement remains in the tax base (generally in current use). Conservation easements protect land while allowing it to remain part of a family legacy. At the same time, this protected land is now a public asset in perpetuity.
Ready to Protect Your Land?
Contact us to discuss which conservation option best fits your needs.