The Georgia TrustEasements
A preservation easement is a legal interest which regulates changes to a historic building and its land and may be given or sold by a property owner to a charitable organization.
Owners of easement properties and donors of preservation easements · A one-time administrative fee is charged by The Georgia Trust at the time of the donation. The fee varies based on the conditions and complexity of the property.
From georgiatrust.org/our-programs/easements ↗About this program
The Georgia Trust is pleased to announce a new program for easement property owners, the Rehabilitation and Sustainability Loan Program.
A preservation easement is a legal interest which regulates changes to a historic building and its land and may be given or sold by a property owner to a charitable organization. Once recorded, an easement becomes part of the property's chain of title and 'runs with the land' in perpetuity, thus binding not only the present owner who conveys it but all future owners as well.
A preservation easement gives The Georgia Trust for Historic Preservation the legal authority to enforce its terms. These terms create covenants prohibiting the owner from making alterations to the property without prior review, consultation and approval by The Georgia Trust. The easement also imposes positive covenants that require the owner to maintain it in a certain physical condition.
Donating an easement protects a significant property even after an owner has sold or bequeathed it; provides income, gift, and estate tax advantages for the donor and in Georgia, property tax advantages; and enables preservation organizations and public agencies to protect properties against adverse changes through acquisition of a partial interest rather than assumption of the full burden of property ownership.
Questions
What is a preservation easement?
A preservation easement is a legal interest which regulates changes to a historic building and its land and may be given or sold by a property owner to a charitable organization. Once recorded, an easement becomes part of the property's chain of title and 'runs with the land' in perpetuity, thus binding not only the present owner who conveys it but all future owners as well.
How does an easement protect property?
The easement holder has the right to review and approve proposed alterations to a structure or its setting and to enforce the easement terms in the event of a violation.
How is an easement valued?
Valuation, made by a professional appraiser, is typically the difference between the fair market value of the property before and after the grant of an easement. An easement may reduce the market value of a property because it restricts development rights.
What does the fee cover the cost of?
1. Review and acceptance of easement documents 2. Periodic and annual review of easement properties and requested changes to structures.
How do I go about it?
Step 1: Contact The Georgia Trust to determine if your property is eligible for an easement donation. If TGT determines that the building is listed on the National Register of Historic Places and TGT states its interests in holding an easement, proceed to Step 2. Step 2: Have the property appraised for tax purposes by a professional real estate appraiser. Step 3: Contact The Georgia Trust to have a deed of Historic Preservation Easement drawn up. Provide The Georgia Trust with a copy of the legal description of your property and a copy of the appraisal. The Georgia Trust prepares a Baseline Documentation Report of the property. Step 4: Execute the deed in consultation with The Georgia Trust: Original Executed Deed, (including a copy of Exhibit A Legal Description) and the Administrative Fee. Step 5: The Georgia Trust has the deed recorded at the Courthouse; original of the document remains with The Georgia Trust, and a copy will be returned to the donor.
Details
- Who
- Owners of easement properties and donors of preservation easements
- Cost
- A one-time administrative fee is charged by The Georgia Trust at the time of the donation. The fee varies based on the conditions and complexity of the property
Run by
Places in PerilThe Georgia Trust's Places in Peril program seeks to identify and preserve historic sites threatened by demolition, neglect, lack of maintenance, inappropriate development or insensitive public policy.Grants & FellowshipsThe Trust offers grants for historic preservation projects, as well as fellowships for research and travel study.AdvocacyThe Georgia Trust works with a statewide network of preservation advocates who encourage state and national public policies that promote the preservation of historic resources and tax credits and funding for preservation projects.