- Annual Site Visit (Monitoring)
-
The conservation organization visits the site of an
easement each year to be sure the terms of the agreement
are being upheld.
- Appraisal
-
An appraisal is a report provided by an independent
professional who supplies a landowner or a land trust with
information about the “fair market value” of property.
- Bargain Sale
-
A sale of property or development rights to a charitable
conservation organization or municipality at less than
fair market value. The difference between the fair market
value and the bargain sale price is a charitable donation
that may reduce the donor’s income or capital gains taxes.
- Baseline Documentation Report (BDR)
-
Information and documentation to give evidence to the
condition of land at the time a conservation easement is
made.
- Basis
-
The original cost of the property.
- Bequest
-
A gift of money, real property, or conservation easement
in a person’s will which can secure conservation of
property and take property value out of calculation for
estate tax.
- Biodiversity
-
The variety of ecosystems and species of plants and
animals that can be found in the environment.
- Capital Gains
-
Profit from the sale of land or other capital asset in
excess of cost, or other basis.
- Charitable Contribution
-
The tax deductible transfer of money or property to a
qualified charitable organization.
- Conservancy
-
An organization specifically set up to promote and affect
conservation of natural and historic resources.
- Conservation
-
Careful preservation and protection of resources, usually
referring to land and related natural resources, includes
planned management of resources to protect their future
integrity and value.
- Conservation Easement
-
A voluntary agreement between a landowner and a qualified
conservation organization or municipality that protects
the land for development. The landowner retains ownership
and the rights to sell it or pass it to heirs. If donated
for conservation purposes, an easement is a tax‐deductible
charitable gift and may substantially reduce estate taxes.
- Conservation Based Development
-
A development plan for a property that frequently
incorporates the use of conservation easements and permits
landowners to undertake a specified and limited amount of
future building or development that does not interfere
with the land’s conservation value.
- Conservation Values
-
Wildlife habitat, open space, historic, or recreational
resources. For example, land may have a high conservation
value if it contains habitat for endangered species or if
it has open space in a highly developed area.
- Deed Restriction
-
A written stipulation contained within a deed that
restricts certain future uses of the property generally
inserted at the time of transfer. A deed restriction may
include restrictions similar to those contained within a
conservation easement. However, enforcement may only be
carried out by the prior owner or other parties to the
transaction and the restrictions may be canceled at any
time by mutual written agreement.
- Donor
-
A person who makes a charitable contribution to a
qualified organization.
- Ecosystem
-
All of the factors that allow a healthy environment to
function; the complex relationships among an area’s
resources, habitats and residents. An ecosystem may
include people, wildlife, fish, trees, water and several
other living and non-living elements.
- Ecotourism
-
Nature-based tourism that involves education and
interpretation of the natural environment and is managed
to be ecologically sustainable. Ecotourism often involves
hiking, kayaking, and bird watching among others.
- Endowment
-
A permanent stewardship fund established to support costs
of maintaining a property or defending and monitoring a
conservation easement. Permanence is assured by
restricting withdrawals from the principal and relying on
investment income for annual cost.
- Environmental Impact
-
A change in the environment that could have a negative
effect on the ecosystem. Land trusts try to prevent
environmental impacts by conserving sensitive lands.
- Estate Taxes
-
The combined state and federal taxes levied against one’s
total estate including real property at death, payable
within nine months and before distribution to the heirs.
- Family Limited Partnership
-
A form of ownership that can be used to transfer land and
other assets from one generation to another. It reduces
the total value of the asset, thereby reducing estate
taxes.
- Fee Simple Donation
-
Transfer of a property by deeding it directly to a
charitable organization for conservation or other
purposes. Tax benefits may apply to the donor.
- Gift by Devise
-
A gift of land through a person’s will.
- Grantee
-
One who receives gifts, rights or property. Often, a land
trust or government agency is the “grantee” of an
easement.
- Grantor
-
One who gives gifts, rights or property, usually the
landowner.
- IRS Form 8283
-
The form filed with the Internal Revenue Service by a
donor to report information about non-cash contributions
(e.g., land and conservation easements) in excess of
$5,000 for which the donor claims a charitable
deduction. The donee organization completes a portion of
this Form acknowledging receipt of the contribution.
- Land Donation
-
An outright donation of land to a municipality or a
qualified conservation organization permanently protects
land from development, provides the donor with a
charitable gift income tax deduction and a reduction in
estate taxes.
- Legal Defense Fund
-
A part of the endowment fund that is designated for any
legal action required to enforce an easement. This is
usually a fixed cost.
- Limited Development Conservation Plan
-
This is the subdivision of land on a reduced-density basis
that provides income to the landowner while protecting the
natural
resources of the land. Voluntary reduced density
provides a charitable gift that can offset capital gains
tax and may expedite the municipality’s approval process.
At the same time, infrastructure costs of the development
are reduced.
- Monitoring
-
The conservation organization visits the site of an
easement each year to be sure the terms of the agreement
are being upheld.
- Monitoring Report
-
Documentation of the results from a monitoring visit on a
Conservation Easement.
- Mutual Covenants
-
Written commitments regarding land use contained in a deed
or other form of agreement and exchanged among neighboring
landowners.
- Open space
-
Undeveloped land or common areas that are reserved for
parks, walking paths, or other natural uses.
- Public Benefit(s)
-
The values (scenic, recreational, ecological, cultural,
historic or spiritual) that people derive from a protected
property.
- Purchase of Development Rights (PDR)
-
A landowner voluntarily agrees to sell all, or a portion
of, the development rights on farmland to a municipality.
The landowner retains the right to farm, sell, and pass
the land to heirs. The sale provides cash to the
landowner, reduces estate taxes, but may be subject to
capital gains tax.
- Qualified Charitable Organization
-
An organization that has been recognized by the Internal
Revenue Service (IRS) as a 501(c)(3) organization for the
public benefit.
- Reserved Life Estate
-
A gift of a residence with a reserved life estate to a
charitable organization allows the donor to continue
living on the land throughout their lifetime. On the
donor’s demise, the organization may sell the real estate
and use the proceeds to carry out its charitable mission.
- Right-of-First-Refusal
-
A recorded agreement that requires landowners, if they
receive an offer to buy their land, to allow the land
trust to match the offered price.
- Riparian Habitat
-
The transition zone between aquatic and upland
habitat. Riparian habitat lies adjacent to rivers and
streams with a differing density, diversity, and
productivity of plant and animal species relative to
nearby uplands.
- Smart Growth
-
A planning concept that strives to create communities with
walkable neighborhoods, mixed land use – including open
space, a central business district, and an adequate public
transportation system. Through better planning, smart
growth allows for the needs of all community members to be
met, while protecting the necessary natural areas for a
healthy lifestyle.
- Stewardship
-
Caring for and managing resources with good conservation
practices to ensure their protection; a philosophy of land
management which focuses on caring and preservation.
- Transfer of Development Rights (TDR)
-
Development rights are transferred from one property in a
sending district to another property(ies) in a receiving
district(s).
- Watershed
-
The entire area of land that collects and drains water
(from snow and rain) into a single river or similar body
of water.
- Wetlands
-
Lands that are normally saturated with water, such as
swamps, marshes, and bogs. These areas often host plants
and animals adapted to life in very wet conditions.