Land Use & Zoning
A Virginia agricultural conservation easement permanently restricts a property from residential and commercial development. The property owner who grants the easement typically benefits from:
AHigher assessed value for tax purposes
BFederal and state income tax deductions and reduced property taxes✓ Correct
CVREB continuing education credits
DExemption from subdivision regulations
Explanation
Granting a conservation easement to a land trust or government entity may entitle the property owner to federal income tax deductions (charitable contribution), state tax credits, and reduced property assessments.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Math Concepts
State-Specific Concepts
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