Other Conservation Methods
Most often, Lummi Island Heritage Trust protects land by acquiring land through purchase or donation, or by accepting donated conservation easements on private land. There are many tools and methods for conserving your land and a few other conservation methods are explained below. Every parcel of land has unique conservation values and every landowner has individual dreams and needs for their land. Each conservation transaction that we explore is tailored to meet the wishes of the landowner and the requirements for a fair and ethical agreement with the Heritage Trust. Please feel free to contact us to discuss land conservation ideas that fit your needs.
Bargain Sale
In a bargain sale, you sell your land to the Heritage Trust for less than its fair market value. This not only makes it more affordable for the Trust, but offers several benefits to you. A bargain sale provides cash, avoids some capital gains tax, and entitles you to a charitable income tax deduction based on the difference between the land’s fair market value and its sale price.
Resale of Land
If you need to sell your land but don’t want to see it destroyed by development, the Heritage Trust can help. You can work with the Trust to place a conservation easement on the land before it goes on the market. The Trust may also be able to help identify potential buyers for conserved lands.
In a bargain sale, you sell your land to the Heritage Trust for less than its fair market value. This not only makes it more affordable for the Trust, but offers several benefits to you. A bargain sale provides cash, avoids some capital gains tax, and entitles you to a charitable income tax deduction based on the difference between the land’s fair market value and its sale price.
Resale of Land
If you need to sell your land but don’t want to see it destroyed by development, the Heritage Trust can help. You can work with the Trust to place a conservation easement on the land before it goes on the market. The Trust may also be able to help identify potential buyers for conserved lands.
Sale of Conservation Rights
Usually, conservation easements are donated to a land trust, but sometimes a landowner sells a conservation easement on a property. Lummi Island Heritage Trust, like most land conservation organizations, operates with very limited resources. In rare instances, the Trust's Board of Directors will authorize purchases of unique and highest-priority land and conservation easements. With limited funds, we are always searching for ways to stretch our dollars and reduce the cost of protecting critical island land. A bargain sale (the sale of property to a charitable organization for less than its fair market value) is an attractive alternative to selling land or conservation easements at full market value. A bargain sale allows you to receive money for the sale, but you will also be making a gift for conservation purposes. The Heritage Trust may also be able to fundraise more easily to acquire bargain sale properties and conservation easements. |