The Harford Land
Trust believes that in choosing where and how our county develops we
owe our children an obligation to ensure that important natural systems
and our most productive landscapes remain intact. We should also
provide for development that will meet community needs for housing,
jobs, recreation and services and insist that such development respect
and complement the values of natural lands. By following these
principles, we can join the growing number of communities throughout
the country that have found that a public commitment to combining land
stewardship with sensitive development pays off.
HOW DO LAND TRUSTS CONSERVE LAND?
Land trusts use many tools to protect land. Some examples:
Conservation easements
are permanent, restrictive limitations on the use of property,
voluntarily determined by the landowner to suit his or her needs and
set forth in a legal document. These restrictions become part of the
legal title to the property and bind future owners either in perpetuity
or for a specified term. Easements may generate attractive income,
estate and property tax reductions. For example, an easement recorded
with the Maryland Environmental Trust may exempt a property owner for
state and local property taxes for 15 years.
A bargain sale
or a sale at below market value, is advantageous to landowners who are
considering conserving highly appreciated land. It combines the
immediate income from a sale with the tax advantages of a donation.
Selling the property to a land trust at below fair market value allows
the landowner to adjust the transaction to balance needs for immediate
income with long term tax advantages. The reduced sale price has the
added advantage of lowering heavy capital gains taxes on appreciated
land.
Donated or bequeathed
land becomes the property of a land trust to be conserved in accordance
with the donor's wishes. Charitable remainder trusts, charitable lead
trusts, life estates and other techniques are used to suit the needs of
the donor. Substantial tax advantages may be available.
Limited development
is sometimes the only way to protect an environmentally important
property. Sensitive development of the least environmentally important
part of the property is used to finance the acquisition of the
remainder.
The Harford Land Trust counsels property owners in confidence and
without obligation on preservation techniques and tax consequences.
However, landowners should consult an independent financial advisor or
tax attorney before making a final decision.
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Last Updated ( Thursday, 21 February 2008 )
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