Purchase of Development Rights: Another Option for Conservation Minded Landowners

more+
less-

Many landowners are familiar with conservation easements, a vehicle for preserving land in perpetuity, for which they can realize tax benefits. Few landowners, however, are aware of another option: selling the development rights to their property.

As a result of donating a conservation easement on their property, a landowner may realize a federal tax deduction for their charitable contribution, state tax credits (which may be used or sold in Virginia), lower estate taxes and sometimes lower real estate taxes. Purchase of development rights (

LOADING PDF: If there are any problems, click here to download the file.

Published In: Agriculture Updates, Environmental Updates, Residential Real Estate Updates, Wills, Trusts, & Estate Planning Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Robert Allen | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »