I hope the original author posts to clarify his proposal.
The approach I had in mind has been used by groups like the Marin Land
Trust which involved the purchase of the development rights of property.
This transaction becomes an incumberance on the deed.
The advantage to selling off the development rights rather than selling the
property is that it makes it less expensive than direct purchase of the
property to take it out of development. In addition, in many states, raw
land is taxed at its "fair market value", which means the taxes will force
farmers to sell out. With the property encumbered, the property can only
be taxed on its current use value.
I am not clear if this is the model he was considering or if it was
something else.
George L. O'Brien
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Received on Tue May 19 11:22:10 1998
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