Valuation of preservation and conservation easements
Yovino-Young, G. Michael
The valuation of Development Rights to preserve agricultural land and open space beyond developed urban areas is a specialized field of real estate valuation. The separation of development rights from the underlying value of land in its historic or traditional use is a division of the common mix of ownership rights in real estate. The concept of highest and best usee is an integral component in the valuation of real estate where the existing use may or may not be the best or most profitable use of the land. This may apply only to the current time and place, or may be considered a long term or future perspective. Where there is a desire to preserve an existing land use, usually associated with agricultural lands or ecologically important open space, the potential for a more intensive urbann development in the future may justify the acquisition of these future development rights. The acquisition of development rights through buying a permanent easementt that prohibits a change in use is the subject of this paper.
Event: FIG Working Week 2012 : Territory, environment, and cultural heritage
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