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In Florida, Section 704.06, Florida Statutes, defines a ?Conservation Easement? as ?. . . a right or interest in real property which is appropriate to retaining land or water areas predominantly in their natural, scenic, open, agricultural, or wooded condition; retaining such areas as suitable habitat for fish, plants, ...
Form 8283, Noncash Charitable Contributions, which must be filed by individual taxpayers who claim itemized deductions for donations of easements.
Conservation Easement Exemption (196.26 F.S.): Land under easement that is used for commercial purposes is exempt to the extent of 50% of the assessed value. Land under 40 contiguous acres must be determined by ARC (Acquisition and Restoration Council), a State agency. )
To download IRS Form 8283, go to the IRS website. Generally, you can either print out Form 8283 and mail a paper copy to the IRS or file it electronically.
In order for a property to be considered conservation land by the Florida Natural Areas Inventory (FNAI), a significant portion of the property must be undeveloped and retain most of the attributes one could expect it to have in its natural condition.
What is a Conservation Easement? A conservation easement is a voluntary legal agreement between a landowner and a land trust like MLR that permanently limits the uses of the land in order to protect its conservation values.
How long do conservation easements last? Conservation easements are perpetual. They are transferred with the land from owner to owner when the property is sold and remain enforceable after the issuance of a tax deed. Easements may be specifically tailored to meet the needs of both the landowner and the district.
There are significant financial benefits available to landowners who agree to protect their land with a conservation easement including a deduction for federal income taxes and a credit for state income taxes. In addition, there is property tax credit and possible federal estate tax exemptions.