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Southern Indiana | We are currently in the process of placing most of the farm in a Farmland Preservation Trust. Have been thinking about it for years and decided to get serious about it a little over 3 years ago and we are just about to get if finalized. The gears grind slowly, which is good because its a big decision.We've carved out what they call development envelopes for kids or grandkids, and kept out the house and buildings.
It's a USDA program working with a regional preservation trust. They pay for the appraisal and I paid for the survey. We get 50% of the difference between the appraised value with the easement and value with no restriction. The remaining 50% is considered a donation to the Land Trust and is eligible for a tax credit which can be carried forward. Since both heirs consider this sacred land and wouldn't sell an inch it was not a really hard decision and if something changes it can still be sold.
I look at it like this. If someone will pay me a sizable amount of money to not do what no one could pay me enough money to do, it makes sense. | |
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Farmland trust?
