Appraisal - A professionally-determined estimate of the value of the property.

Assessment - The value placed on a piece of property by a taxing authority for the purpose of calculating the municipal property tax.

Agriculture - Important because in many areas, these types of lands are disappearing and turning into developed subdivisions of track housing. Protecting these working lands provides a link with our heritage and history, and conserves wildlife habit and open space.

Buffer - A strip of land located between two other pieces of land in different use. Usually the buffered land is located between a developed piece of land and a protected area of open space.

Bargain Sale - Sale of a property at less than the fair market value. The difference between a bargain sale price and fair market value often qualifies as a tax-deductible charitable contribution that may reduce the donor's income or capital gains.

Baseline Documentation - Information and documentation to give evidence to the condition of land at the time a conservation easement is made.

Bequest - A gift of money, real property, or a conservation easement in a person's will; can secure conservation of property and take property value out of calculation for estate tax.

Capital Gains -Profit made on the sale of land; the difference between the original cost of the land and the selling price.

Charitable Contribution- A gift of cash or property to a land trust (or other tax-exempt 501(c) 3 organization.

Conservancy - An organization specifically set up to promote and affect conservation of natural and historic resources.

Conservation - The protection of land and related natural resources; may also refer to the management of resources to protect future value.
(also see preservation).

Conservation Buyer - Generally an individual of means who will purchase land at full (or close to full price) and then place a conservation restriction on the land or a major portion of the land, ensuring its permanent conservation.

Conservation Easement - A legal agreement between a landowner and an organization such as a conservancy, which protects natural resource values of the property by restricting selected uses. The landowner retains tile to the property. The easement becomes part of the land deed, meaning that all future property owners will be bound by terms of the easement. RVC works with landowners to tailor the needs and long-term wishes of each landowner and the conservancy.

Covenant - A written promise contained in a contract, lease, deed or other form of agreement. A conservation covenant or restriction is generally written to continue in effect despite change in ownership; thus it is said to run with the land.

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Deed - A written legal document by which ownership of property is transferred from one owner to another.

Deed Restriction - A written stipulation contained within a deed that restricts certain future uses of the property generally inserted at the time transfer. These differ from easements in that a future owner is not bound to enforce them and may release the restriction.

Development Right - A loose term, generally meaning the right to subdivide and to construct new structures on a property.

Donated Easement by Will - A gift of an easement through a person's will.

Donee - One who receives a contribution or donation.

Easement - An easement grants certain rights for specified purpose to someone other that the owner to the property. An easement may apply to the entire properly of a portion of it, may be in the form of an agreement, deed restriction or covenant.

Easement Value - The difference between a property's value before the easement is placed on it and the value after the easement is placed on it.

Environmental Impact - A change in the environment that could have a negative affect on the ecosystem. Land trusts try to prevent environmental impacts by conserving sensitive lands.

Ecosystem - All the factors that allow a healthy environment to function; the complex relationships among an area's resources, habitats and residents. An ecosystem may include people, wildlife, fish, trees, water, and several other living and non-living elements.

Endowment - A permanent fund established to support costs of a named project or purpose. Permanence is assured by restricting withdrawals of principal and generally relying on investment income for support.

Estate - The intersect or sort of intersect that one has in property such as life estate, estate of a deceased or real estate

Estate Tax - A tax which the federal and state governments impose on all property and assets of a person at death based on their net value at the time of death. An easement often reduces estate taxes.

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Fair Market Value - The price that a piece of property could earn if sold to buyer on the open market.

Fee Simple - A way of describing full ownership of a piece of land, including all the legal rights of the property. The word "fee" comes from an old English word meaning "land that can be inherited." Less than fee interest is ownership with restricted rights. A person buying land that already has a conservation easement is getting less than fee interest.

Grantee - One who receives gifts, rights or property. Often a land trust or government agency is "grantee" of an easement.

Grantor - One who give gifts, rights or property.

Habitat - The place where a population (e.g., humans, animals, plants, microorganisms) lives, including its surroundings.

Heir - One who inherits the estate or property of another.

Holder - Grantee of an easement.

In Perpetuity - Always; forever.

Installment Sale - Spreads income from the sale over several years, thereby helping reduce capital gains tax.

Land Trust - A non-profit organization formed for the express purpose of holding land (or restrictive easements on land) for its conservation, historic preservation, wildlife protection and/or recreation values.

Limited Development - Less than maximum development of a parcel for the purpose of enabling conservation of remaining portions of the parcel.

Market Sales - A sale of real property priced a fair market value, subject to capital gains tax.

Mitigation - Steps taken to reduce or reverse the impact of earlier environmental changes or damage, usually caused by human activities. (Example - If logging removed a bird nesting area, mitigation activities might include planting young trees).

Mutual Covenants- Written commitments exchanged among neighboring landowners in deeds or separate agreement.

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Open Space - An undeveloped piece of land adding ecological, scenic or recreational value to an area. Open space can be public or private. (Examples - forests, fields, marshes and wildlife areas).

Outright Donation - A landowner gives all (or part) of their interest in a property to a land trust; the trust makes no payment for the land or easement. The donor typically gains tax benefits for making a charitable contribution. The land trust assumes ownership of the property.

Outright Purchase - A land trust pays full price for fee simple ownership of a property. This is expensive for the trust, but may be necessary to conserve an environmentally important piece of land. The seller receives no tax benefits.

Preservation - Often used interchangeably with conservation. Preservation suggest that natural resources will be left undisturbed, while conservation usually indicates some resource management.

Property Tax - A tax assessed and collected by the municipality in which the property is located, based on assessed value.

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Remainder Interest (Reserved Life Estate) - A landowner may transfer a property to a land trust, but keep the right to live on the land until his/her death. This means that the landowner still has the primary claim to the land and the trust holds the reminder. Full ownership is not transferred to the trust until after the donor's death.

Right of First Refusal - A recorded agreement that requires landowners, if they receive an offer to buy their land, to allow the land trust to match the offered price.

Scenic - Vistas of natural settings that are aesthetically pleasing to the general public as they are enjoyed from roads, trails and backyards.

Steward - A person who manages property on behalf of someone else.

Stewardship - Is the act of managing resources; the long-term responsibility of the care and management of land. RVC cooperates with easement holders to monitor conservation easements and assure long-term protection.

Stewardship Endowment - Is money put aside by a land trust to ensure that the organization has the capacity to monitor and manage its protected properties and enforce conservation easements in the future.

Sustainable Development - A philosophy of resources use and management intended to meet society's present needs without compromising the resources for future generations.

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Tax Benefits - Federal and state income and estate tax deductions from a qualified charitable donation. Municipal property taxes may also be reduced depending upon local assessment practices.

Title -The legal document that proves ownership interest in a piece of land. A title is transferred from on person to another by the use of a deed.

Watershed - The land area that drains into a stream; the watershed for major river may encompass a number of smaller watersheds that ultimately combine at a common point.

Wetlands - Lands that are normally saturated with water, such as swamps, marshes, and bogs. These areas often host plants and animals specially adapted to life in very wet conditions.

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