Tax Notes Federal
July 27, 2020
Conserving land and open spaces for future generations is a laudable goal in the minds of many Americans. Unfortunately, a little-noticed action1 by IRS officials earlier this year threatens to significantly curtail land conservation2 and have broader paralyzing effects on the real estate community.
As more and more people have recognized the benefits of protecting land from development, the use of conservation easements has grown significantly in recent years.3 Like with any real estate transaction, appraisers are a key cog in this process. When a landowner decides to conserve a tract of land and claim the resulting charitable tax deduction provided by Congress, they hire an appraiser to determine the land’s value as required by the tax law.