Ways to Preserve?

Once a property is considered for acquisition, the type of funding source(es) must be determined.

  1. Donation to the Town
    • Outright Donation
    • Donation with lifetime use of donor (tax deduction while alive; owner pays property tax with a reduction of estate value).
  2. Conservation easement in favor of the Town
    • Landowner retains ownership while paying reduced taxes; agreement (filed on land records) with the town that the land will be preserved in a natural state.
  3. Bargain Sale to the town
    • Landowner sells to the town below fair market value. If there is a low basis, uses adjusted basis to offset capital gains taxes. Gets tax deduction between fair market value and the donation.
  4. State Municipal Grant Program Matched by Town Funds
    • Land owner and town agree on purchase price based on appraisals approved by State as part of their matching grant program. State can contribute up to 65%. land must be open to the public.
  5. Purchase of Development Rights
    • Property owner sells development rights to the property but retains use of land for agreed upon activities. Public access typically not allowed.
  6. Right of First Refusal
    • The town is the first to be notified when property owner chooses to market their land.
  7. Outright Purchase
    • The Open Space Committee has an established protocol for purchases including securing appraisals and Town Board/Commission approvals.