i always thought it went something like this, but i could be way off base.
i am trying to understand and do not know the correct terminology.
so you tell Uncle Sam "I have 1,000 acres and would like to put an easement on it to remain together as one tract and be forever protected from development." Then ???.gov would come check it out and say sure, you are entitled to $X per acre to make the necessary repairs on infrastructure. after everthing is up to Unc's standards, your land would become a trust owned by you and could be handed down for generations or sold but the easement remains. However the tax value of the property would also be reduced because of the sale value reduction.
Therefore to the landowner, this is a great deal, in that .gov assists on the quality of his land.
- however if he or his decendants decide to sell, the parcel must be sold as a whole and the easement remains intact into perpetuity. making the sale value of the property less than market due to the development limitations that are upon the buyer.
can anybody tell me if my understanding of this is way off base or if it is spot on?
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