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Budweiser John
Platinum Member
Budweiser John looking for member opinions/experiences in putting land into a conservation easement.
Background. My wife and I Own 80 acres in southern Clinton County Michigan. We purchased the raw land in the summer of 1971, built a house and over the years have added 5 out buildings and raised two kids to adulthood.
my wife and I are both nearly 80 still active, and have no intent to live anywhere else. Both our kids are college educated, marriEd, and have established successful lives including two grand daughters And have no interest in future living on the homestead.
we have had a couple meetings with the Mid Michigan Land Conservancy and the conservancy board has accepted our property as a potential gift. For those unfamiliar with conservation easements, basically the land owner gives up the right for the property to be developed or sub divided in in perpatrueity in exchange for significant property tax savings and income tax savings in the amount of the market value of the property less the property value with the non development restrictions. The restrictions apply to future buyers and there is no restriction on the sale of the land other than it must remain undeveloped.
needless to say, this is a huge decision and we have not signed on the dotted line. We have two neighbors who have pledged a total of 160 acres to the conservancy and one 80 acre parcel under the conservancy umbrella recently sold with in hours of being listed.
Appreciate any input members might offer.
thanks in advance
B. John
Background. My wife and I Own 80 acres in southern Clinton County Michigan. We purchased the raw land in the summer of 1971, built a house and over the years have added 5 out buildings and raised two kids to adulthood.
my wife and I are both nearly 80 still active, and have no intent to live anywhere else. Both our kids are college educated, marriEd, and have established successful lives including two grand daughters And have no interest in future living on the homestead.
we have had a couple meetings with the Mid Michigan Land Conservancy and the conservancy board has accepted our property as a potential gift. For those unfamiliar with conservation easements, basically the land owner gives up the right for the property to be developed or sub divided in in perpatrueity in exchange for significant property tax savings and income tax savings in the amount of the market value of the property less the property value with the non development restrictions. The restrictions apply to future buyers and there is no restriction on the sale of the land other than it must remain undeveloped.
needless to say, this is a huge decision and we have not signed on the dotted line. We have two neighbors who have pledged a total of 160 acres to the conservancy and one 80 acre parcel under the conservancy umbrella recently sold with in hours of being listed.
Appreciate any input members might offer.
thanks in advance
B. John
