What is the structure of a conservation easement?
A conservation easement conveys certain rights or interests in real property. It first identifies the grantor (landowner) and the grantee (Legacy Land Trust). It states explicitly the purposes of the grantor in granting the easement. This is a requirement of the Internal Revenue Service as a prerequisite to deductibility of the value of the easement by the donor. The agreement will contain a careful description of the property to which it applies, including a designation of the property covered by the easement and any special features or unique and significant qualities that will be protected. The most important sections of the document are the “reserved rights” and “prohibited uses” sections. Reserved rights are those that the landowner does not want to give up, while prohibited uses are those (such as subdivision and many types of structures) that the landowner gives up. The more rights a landowner gives up, the greater the appraised value of the easement and the amount that can be c
