Conservation FAQ's
1. What is a Conservation Easement?
A conservation easement is a voluntary agreement between a landowner and a land trust, such as the Gates Mills Land Conservancy (GMLC), which restricts future activities on the land in order to preserve its conservation values.
2. What are the tax aspects of a Conservation Easement?
An Easement has value as determined by an appraisal. Donating a qualified easement to the Conservancy will afford the land owner a charitable deduction. These benefits can include reductions in:
- Income Taxes
- Estate Taxes
- Property Taxes
3. After I give the easement who owns the land?
You do! The property remains yours. It may be sold or inherited as before, but subject to the restrictions you have placed upon it.
4. How much land does it take to make an easement worthwhile?
Size is not a factor! The key is in protecting the conservation values of the property. The Land Conservancy has easements for as little as half an acre to more than 50 acres.
5. What is the objective of a Conservation Easement?
A Conservation Easement should restrict activities on the property to the extent necessary to protect its conservation values. It may encompass all or part of a property and may restrict various parts differently. An Easement, to qualify for a deduction under the Internal Revenue Code, must show some public benefit but need not permit public access.
6. What are the tax aspects of a Conservation Easement?
An easement which meets the requirements of Section 170(h) of the Internal Revenue Code affords the owner-donor a deduction equal to the difference between the fair market value of the property unrestricted and the fair market value of the property subject to the restrictions of the easement.
7. What are the tax aspects of a Sale of Property to the Gates Mills Land Conservancy?
In some special circumstances, the GMLC may purchase property at less than its fair market value in which case the owner-seller can take a deduction for the difference between the fair market value of the property and its sale price to the Conservancy.
8. Why should I use the Gates Mills Land Conservancy rather than another land conservation organization?
The GMLC is uniquely organized and exclusively serves the Village. The Mayor with the consent of Council appoints 1/3 of its Trustees and the membership consisting of Village residents elects the other 2/3 of the Trustees. They are your representatives working to preserve the conservation values in the Village.
9. Why is the Gates Mills Land Conservancy not part of the Western Reserve Land Conservancy (WRLC)?
The Gates Mills Land Conservancy’s charter and mission are focused on the Village of Gates Mills. It is supported by a 1 mil tax levy to carry out this mission and believes it can serve the Village Citizens better as an independent organization. GMLC has worked cooperatively with WRLC in protecting property in the Village and appreciates its assistance and expertise.
10. How can I become involved with the Gates Mills Land Conservancy? Are there volunteer opportunities?
We welcome volunteers and will help you find a spot in the organization. Just click on "Getting Involved" at the bottom of this page.
11. How do I become a member of the Gates Mills Land Conservancy?
We have tried to make that task easy so just click on "Getting involved" at the bottom of this page. The necessary application forms can be downloaded as well.
12. What is the Trust for Public Land?
The Trust for Public Land (TPL) is a national non-profit organization that conserves land for public purposes such as parks, gardens, and recreational areas. Since 1972, TPL has completed more than 3,400 projects conserving over 2.2 million acres in the United States preserved in perpetuity as public park land. Click "Links" on the navigation bar below and select Trust for Public Land for the TPL website.
13. What is the the Land Trust Alliance?
The Land Trust Alliance (LTA) was founded in 1982 as a 501 (c) (3) not for profit corporation to expand knowledge and expertise to protect land by sharing information and resources through a national organization. Click "Links" on the navigation bar below and select Land Trust Alliance for the LTA website.
