What is a preservation easement?
Why the Connecticut Trust?
We are a nonprofit, member-supported organization, one of the foremost statewide preservation organizations in the country. The Trust has operated a preservation easement program for more than twenty years and now holds easements on about three dozen properties, including office buildings in New Haven, condominium complexes in Norwich and New Milford, a number of single-family houses, and open land that provides historic settings for early farmhouses in Ledyard and Ashford. The Trust also provides technical assistance, workshops, conferences, publications and advocacy in preservation matters and issues.
What properties are eligible for easements?
What does a preservation easement do?
- Limits the kinds of alterations and additions that may be made to the property’s historic structures;
- Requires proper maintenance of the structures to preserve their historic character and structural integrity;
- Controls the owner’s right to develop the property by prohibiting subdivision of the land or development of open space.
The restrictions usually apply to the building’s exterior only, but could apply to significant interior features if the donor desires. The protected features of the property are clearly defined in the easement document.
What are the benefits of a preservation easement?
A federal income tax deduction is available to a qualified donor of an easement in an amount equal to the reduction in value of the property resulting from the granting of the easement. In addition, such reduction in market value may reduce estate taxes and local real property taxes. Tax benefits vary according to each donor’s situation and therefore you should consult your attorney, accountant or tax advisor. More about tax benefits.