Tax Incentives for Conserving Land
Question: Can I reduce my taxes if I do not develop my land?
Answer: Policy makers at the federal and state level have enacted tax incentives to encourage landowners to conserve environmentally sensitive land. Property owners who have undeveloped, natural land and record a ‘conservation easement’ deed to restrict development and degradation of their real estate may qualify for federal income tax deductions or local property tax exemptions or both. The conservation restrictions will have to be enforced in perpetuity by a land conservation non-profit or governmental entity. Attorney Sean Byrne of Bach & Jacobs has represented parties in multimillion dollar conservation land transactions.