Save Taxes While Protecting the Environment!
DATE AND TIME
June 26, 2017
Severna Park Community Library
45 W McKinsey Rd
Severna Park, MD 21146
Have you heard about Maryland's Conservation Easement Agreement? A conservation easement is an agreement that permanently limits the use of land in order to protect its conservation value. In return, the landowner receives valuable tax deductions. Typically, waterfront properties, farms, scenic or large pieces of land qualify for this agreement.
Speaker, John Turgeon, from Maryland's Department of Natural Resources, presented and answered questions about Conservation Easements. We learned that, typically, 25+ acres is the minimum land size requirement for Maryland Environmental Trust, but smaller or private organizations may make different agreements. In that case, the agreement wouldn’t qualify for state tax deductions, but other deductions would still apply.
The major benefits of Maryland's land protection program are:
• Potential Federal and State income tax deductions for the appraised value of the easement as a charitable gift;
• Lower estate and inheritance taxes to reflect the reduced development potential of the property;
• A 15-year state and local property tax exemption on the unimproved land;
• Permanent protection of natural areas, farm and forest lands and historic property;
• Long-term monitoring of the property under all future owners - the land is protected forever;
• Prompt processing of easement agreements (typically within three to four months of the offer).
• The conservation easement donation process can take anywhere from five months to a year depending on complexity. Please keep this in mind if you plan to take advantage of tax benefits this year.
Visit http://dnr.maryland.gov/met/pages/land_conservation.aspx for more information.