Some frequently asked questions about easements...
- What is a conservation easement?
- If I create a conservation easement, do I still own the land?
- Do I have to give access to the public?
- Is a conservation easement permanent?
- Are there income tax savings associated with conservation easements?
- Will my property taxes go down?
- What will the affect be on my estate taxes?
- How much does it cost to create an easement?
- What does Westchester Land Trust do?
- How long does it take to do an easement?
- Do I need to go before my town planning board?
- Can I preserve my land if I live in a city or village?
- What is the Land Trust's role after the easement is in place?
- How do I get started?
What is a conservation easement?
It is a legal agreement by which you can protect land you own that has significant conservation value, such as important wildlife habitat or scenic open space. A conservation easement is a promise to protect the conservation value of your property by limiting future development on all or part of it.
If I create a conservation easement, do I still own the land?
Absolutely. While a conservation easement restricts future development, you continue to own and control your property, live on it, sell it, mortgage it or pass it on to your heirs.
Do I have to give access to the public?
Only if you choose to. Most of our easements do not involve public access; others allow hiking, riding or other activities, as approved by the landowner.
Is a conservation easement permanent?
Yes, the easement runs with the land forever, and Westchester Land Trust will ensure it is adhered to now and by future owners of your property.
Are there income tax savings associated with conservation easements?
The IRS considers certain conservation easements to be tax-deductible charitable contributions. The value of the donation is equal to the fair market value of the property before the easement, with its development rights intact, minus the fair market value after the easement. The law gives easement donors up to 16 years to take their income tax deduction, and allows donors to deduct up to 50 percent of their adjusted gross income each of those years.
In addition, there is a New York State Income Tax Credit equal to 25% of the property taxes on easement-restricted land excluding structures, up to $5,000.
Will my property taxes go down?
If the easement is on land that is on the same lot as your home you will probably not see a decrease in property taxes, as assessors assign most of the taxable value to the house and not the land. However, if you put an easement on a separate vacant parcel, your property taxes might go down. In addition, New York State will give you an income tax credit for a portion of your property taxes.
What will the affect be on my estate taxes?
Easements can lower the taxable value of land in an estate. The easement can be given during the owner's lifetime, in the owner's will, or in many cases, up to nine months after the owner's death.
How much does it cost to create an easement?
You must pay an appraiser to establish the tax value of your gift, and the cost for this service will be an average of $4,000-6,000. You may need an engineer, surveyor and/or soil scientist to determine the development potential of the property being given up, the average cost of which is $3,000-$10,000.
Westchester Land Trust also requests a stewardship gift to ensure that the easement will be monitored in perpetuity. In addition, Westchester Land Trust strongly encourages you to have your attorney review the easement and to discuss the tax benefits of the conservation easement with your tax adviser. Any charges for these services are an additional cost you should anticipate.
What does Westchester Land Trust do?
The Land Trust works with the landowner throughout the process to make sure all the necessary steps are being taken. We prepare the written easement and other documentation. We also make sure the appraisal and any necessary engineering work are coordinated and provide the best possible result for the landowner.
How long does it take to do an easement?
Engineering and appraisal work can take from five to seven months. The easement itself can be drafted in far less time, once the area to be protected has been agreed on. It's best to start the process as early in the year as possible if you want to complete an easement by the end of the year.
Do I need to go before my town planning board?
If you are preserving land that you could otherwise develop without major variances, your engineer can certify that the lots meet local regulations, without going before planning or zoning boards. This is the case in the vast majority of the easements we have been involved with.
Can I preserve my land if I live in a city or village?
As long as a conservation value (wildlife habitat, public views, historical character, watershed protection, or recreation characteristics) is protected, easements can be in rural, suburban or urban areas throughout Westchester. The Land Trust can help you identify the conservation values on your land.
What is the Land Trust's role after the easement is in place?
Land trust staff will visit the land at least once a year to make sure the land is preserved according to the terms of the easement. Many landowners use that visit to learn more about how they can make their land more conservation-friendly.
If you'd like to talk about an easement or have us visit your property, call or e-mail Westchester Land Trust's Director of Conservation Outreach, Eileen Goren, at 914- 241-6346 x 17 or Eileen@westchesterlandtrust.org.