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Easements
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“Most Virginia easements are worth 20 to 40 percent of the market value, but some have almost no value,” he said.
He said that in one case of a family farm on waterfront property in Virginia Beach, the Internal Revenue Service accepted a value for the gift of 75 percent of the value of the land.
Mr. Dennis pointed out that since the tax rates were changed as a result of the new tax law in 1986, donations have less value for reducing income taxes, and landowners are less likely to make the donation for that purpose, though they may choose a year to make the donation with that in mind.
Mr. Dennis said the change in the tax law has not slowed the pace of easements being donated. “It’s a critical mass kind of thing,” he said. “When a lot of properties are under easement it gets other people interested in the program who wouldn’t have thought of it. ”
In neighboring counties he sees a trend to get involved in the program for the purpose of reducing inheritance taxes. “There are cases where the inheritance value of the farm is high, and the family has little other money to pay the inheritance tax. They could sell part to pay the tax, but that could destroy the economic
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