2012 Conservation Easements Protected 1,500 Acres in Albemarle
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#1 Jan 17, 2013
It would have been nice if the reporter had actually done her homework on this story, Or if any of those interviewed gave an honest assessment of conservation easements.
As reported in The Hook, many if not most of these easements are used by those with money and estates. People like "Dave Matthews, John Grisham, and Coran Capshaw" and "business titans Hunter Craig, Wick McNeely, and Jim Murray."
As The Hook notes:
" a review of 10 years of records from the state tax department, Virginia has issued over $1.13 billion in conservation credits. And the giving doesn't stop there."
"Virginia also offers easement donors a state income tax deduction– 5.75 percent for top earners– for their "charitable donation." There is also a federal income tax deduction: for 2011, 50 percent of one's adjusted gross income for 15 years, and for farmers, 100 percent."
"And the cascade of benefits still isn't over. On the local level, most acreage under easement gets taxed at Use Value Taxation, a.k.a.'land use'– the super-low property tax rate which can lower land taxes by over 99 percent– that Albemarle offers owners who keep their large tracts from sprouting additional houses."
Tax breaks (mostly) for the landed wealthy. And everybody else gets to pay for it.
#2 Jan 17, 2013
This is America....catch that dream and accumulate your own empire and stop whinning about those who have!
#3 Jan 17, 2013
...at the expense of those who don't because everyone else pays for their tax deduction
that said, this is one of most palatable tax welfare for the rich schemes because it does set aside land from development
#4 Jan 17, 2013
I Love It!
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