This is a Conservation Easement for Working Forest Preservation. It is used in order to maintain property in its prsent and histpric undeveloped condition as a working forest, to conserve/enhace forest and wildlife habitats, shoreline protection, and public recreation opportunities.
Maine Conservation Easement for Working Forest Preservation
State:
Maine
Control #:
ME-EAS-2
Format:
Word;
Rich Text
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FAQ
A qualified conservation easement meets specific criteria established by the Internal Revenue Service for tax benefits. These easements must protect significant conservation values, like wildlife habitats or open spaces, and be held by a qualified organization. Engaging in a Maine Conservation Easement for Working Forest Preservation can often fall under this classification, providing landowners with advantages while promoting conservation.
An agricultural conservation easement is a voluntary, legally recorded deed restriction that is placed on a specific property used for agricultural production.Because the easement is a restriction on the deed of the property, the easement remains in effect even when the land changes ownership.
Under IRS rules, a conservation easement must achieve at least one of the following purposes: preservation of land for outdoor recreation or education of the general public; preservation of natural habitat for fish, wildlife, or plants; preservation of open space, including farmland or forest; or preservation of a
One big advantage of buying a home or land with an easement is that it could result in major savings. Conservation land is restrictive by nature, and that's often a big sticking point for buyers. But if you're willing to deal with those restrictions, it could be a good way to buy land or property on the cheap.
Syndicated conservation easement transactions basically involve the use of a pass-through entity (for example, a partnership) to acquire property.
When you create a conservation easement, you may lose access to certain rights. While you'll likely retain certain surface rights like farming and ranching, development is almost always limited.
When a conservation easement is placed on a property, it typically lowers the property's value for federal estate tax purposes and may decrease estate tax liability. Therefore, easements may help heirs avoid being forced to sell off land to pay estate taxes and enable land to stay in the family.
Conservation easements are a great idea, in theory. Here's the way they work. Basically, if you are willing to donate your property for the public good, and that donation reduces the value of your property, you get to take a tax deduction equal to the reduction in the value of your property.
A conservation easement is a legal agreement between a landowner and a nonprofit land trust or governmental entity that permanently limits the uses of the land in order to protect specified conservation values. It does this by restricting the amount of development and activities that can take place in the future.