Why are Easements Important?
Granting a preservation easement can lead to substantial savings for the owner of a historic structure. First, the assessed value the property may be lowered or stabilized, resulting in property taxes that are lower or at least held to their current rate. Some residential properties may not see much of a difference, as the easement would not diminish a house’s value for use as a home. The savings, however, may be substantial in the case of urban properties that are zoned to allow buildings much larger than the existing historic structure and in the case of rural properties where the easement precludes extensive development. Second, a property owner who grants an easement to a qualified tax-exempt organization such as Utah Heritage Foundation can qualify for an income tax deduction under the charitable contribution clause. Some restrictions apply. As with any tax issue, you should consult your accountant to find out how these easement benefits could affect your specific financial situat
