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Overview
Protect Your Land: Donating an Easement to VOF Stewardship Strengthening Easements with an Amendment Preservation Trust Fund Tax Benefits |
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Land ConservationThe Virginia Outdoors Foundation was established in 1966, "to promote the preservation of open-space lands and to encourage private gifts of money, securities, land or other property to preserve the natural, scenic, historic, scientific, open-space and recreational areas of the Commonwealth." The primary mechanism for accomplishing VOF’s mission is through open-space easements. Open-space easements allow land to continue to be privately owned but restricted to serve and protect land for the public good. An open-space easement is a legal document made between a landowner and a public body, such as the Virginia Outdoors Foundation. The easement limits present and future property development rights. It allows you to live on the property and use it for its traditional use, e.g., as a farm, forest, open space, and/or natural area, but protects it as well. The easement is legally recorded and bound to the deed of the property permanently. VOF holds easements in perpetuity that protect a wide variety of natural and cultural resources, including watershed areas, the setting for historic homes, scenic views, lands adjacent to public parks and game preserves, community lands, and more. Please click on the "Protect Your Land" link to the left for more information or to get started with the easement process. Once land is put under open-space easement, stewardship becomes very important. As the easement land is restricted by the Deed of Gift of Easement for perpetuity, VOF must monitor easement properties, keep track of new activity on the property, respond to questions from landowners, and respond to issues that may arise on the property. Please click on the "Stewardship" link for more information about our program. Strengthening Easements with an Amendment Landowners with an existing easement on their property may want to amend or supercede the easement currently on their property to strengthen the terms of the easement. Over time, the Virginia Outdoors Foundation's guidelines have become more strict, and older easements may not fit the current guidelines. Landowners also may want to add land that they have acquired since the easement was recorded and supercede their old easement to add additional land. Please contact local VOF office for more information on strengthening your easement with an amendment. Open Space Lands Preservation Trust Fund VOF also administers the Open Space Lands Preservation Trust Fund, which assists landowners with the costs of conveying open-space easements and purchases all or part of the value of easements. Priority for funding is given to applications on family farms and for those with demonstrated financial need. For more information, please click on the "Preservation Trust Fund" link to the left. A gift of a qualified open-space easement in perpetuity may qualify as a non-cash charitable gift which may yield a deduction for federal income tax purposes and a credit for state income tax purposes. In addition, there may be local property tax reductions and federal estate tax exemptions. An independent certified appraiser must establish the value of the easement that is primarily based on the value of the development rights forgone. Once that value is established, it becomes the basis for calculating tax benefits. Click on the "Tax Benefits" link to the left for more information. VOF does not give tax advice. |