The following options may have significant tax benefits:
Conservation Restriction (CR)
A CR is a legal agreement between a landowner and a conservation organization whereby the landowner retains ownership, but gives up the right to develop the land. CRs are permanent and remain in effect when the land is sold or inherited.
Gift of Land
A landowner’s gift of property to the land trust is protected and managed in accordance with the donor’s wishes.
Sale of Land
The land trust may purchase land with important natural resource values, or which is threatened by development, and protect it.
Retained Life Estate
Landowners may donate property to the land trust but retain a life interest for themselves and their family. This allows them to live on or use the land for their lifetime.
The land trust works with the landowner to design a limited development scenario whereby environmentally sensitive land is protected as open space, while well-planned development in the remaining area allows the owner to realize income.
A gift of land through a person’s will removes the property from the donor’s taxable estate.
For information about protecting land with Mount Grace, please contact Land Conservation Associate Sarah Wells at 978-248-2055 x23 or wells(at)mountgrace.org.
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