What does the Land Bank do?
The Land Bank has in the past acquired and held land through both purchase and donation. Such land was then held by the Land Bank, donated or sold to community organizations that have developed plans to meet identified community needs. While acquisition and holding of land by purchase may continue to be part of future strategy, more emphasis will be placed on the facilitation of transfer of ownership and/or placement of easements for whatever purpose is most appropriate for both the land and the community. At no time will the Land Bank hold land in perpetuity.
What is a conservation easement?
A conservation easement is a legal document that provides permanent protection for the conservation of land. The landowner continues to be able to use the land as long as the use does not conflict with the easement restrictions. Easements often encourage forestry and agriculture while prohibiting incompatible development. The land remains on the tax roles, usually at a current use rate. Each easement may differ somewhat, depending on the desires of the landowner. Easements can be donated or purchased. Tax benefits may accrue to the landowner.
Who decides on the best use for the Land Bank's land?
Land Bank Directors decide the best use, with input from professional planners, planning boards and community leaders.
Do the Directors gain any financial benefit from the Land Bank?
No. The Land Bank is a voluntary organization without paid staff or payment of Director's fees. The Directors personally contributed more than $20,000 needed to start the first project.
Are contributions to the Land Bank tax deductible?
Your contribution does qualify as a tax deductible contribution. The Land Bank is a non-profit tax-exempt 501(c)(3) organization.
Does the Land Bank pay taxes to the community?
Yes. The Land Bank pays regular property taxes.
Can the Land Bank benefit me?
Yes. There are many ways in which you can benefit from the Land Bank. These opportunities include bargain sales, easements, and planned giving (estate planning). You can help yourself and your community at the same time.