Open Space and Farmland Protection Options
Conservation Easement
- Identifies a right to use land for a particular purpose under specified standards
- Restricts development or certain uses to preserve or maintain stated existing conditions
- Follows the property and is binding on all successive fee owners
- Easement is individually written to meet desired intent of landowner
- Can be given or sold to a qualified public or not-for-profit entity
- Restriction on land lowers it value and can be used for tax and estate planning
Check out our Easement Q&A page for more info.
Bargain or Conservation Sale
- Sale of property at less than full market value to a not-for-profit land trust
- Difference between fair market value and sale value is considered a gift, providing tax breaks
- Land trust places conservation easements on property before selling to another owner
- Seller may profit as much from bargain sale as from full market value sale after tax benefits
Purchase of Development Rights
- New York State does this through its competitive Farmland Protection Implementation Grant (FPIG) program. Interested farmers apply through their town.
- Farmer receives cash for the difference between market value and agricultural value of the land
- Easement which restricts development is placed on property. Farmer retains all other rights.
- Restrictions and reservations are added to the property deed and held in perpetuity
Gift of Land by Will
- Provides for an orderly transfer of property to a group or individual for a desired use after the death of an owner
- Reduces or eliminates estate taxes if gift is made to a land trust or non-profit organization
- Gift can be for a part or all of a property
- Landowner establishes cleat terms regarding type and term of desired use as well as property maintenance and monitoring procedures
Reserved Life Estate
- Owner deeds land to a beneficiary but maintains use and income from the property until death
- If recipient is a not-for-profit, grantor can take annual tax deduction and reduce estate tax liability
- Owner stipulates future land use
Agricultural Value Assessment
- To qualify must be at least 10 acres and generate at least $10,000 in gross agricultural sales
- Land is assessed for its agricultural use rather than its fair market value
- Value is based on soil type
- School and property taxes are based on Agricultural value Assessment, not the market value
- Portions of woodland are eligible
- Town does not have to be at full value assessment
- Farmers face a penalty on conversion to non-agricultural use
- Land must be in Agricultural District and/or committed to agriculture for 8 years
Your planned gift can provide lasting support to help CPF meet its mission of land protection. For more information on planned giving, see this page, or contact us.