The first step in the donation of a historic preservation easement to the Trust for Architectural Easements is to contact a local Trust representative. By registering below we will have a representative contact you.
In the meeting with your representative, he or she will answer any questions you have concerning the program, assist you in the completion of an application and take digital photographs of your property. This step rarely requires more than thirty minutes of your time. In most locations, the process takes three to four months to complete. In Massachusetts, the process may take eight months to complete. However, your personal time commitment should not exceed a total of 2 to 3 hours.
Prior to beginning this process, the Trust recommends that you meet with your attorney and tax advisor to discuss your plans to make a historic preservation easement donation, the requirements the easement will place on your property and the eligibility requirements for claiming a tax deduction relating to this donation.
Required attachments to your application include:
- A copy of the first page of your property deed and the deed page with the legal description of the property.
- Mortgage information, if there is one, including loan identification number and bank name, address and phone number. A copy of the statement is preferred.
You will be asked to provide a $1,000.00 refundable deposit that may be paid by check or credit card. This amount will be refunded if the Trust is unable to secure the necessary certifications and approvals needed to qualify your property for the donation.
The next step involves the Trust completing several actions. First, it will seek historic certification of the property from State and Federal governments. Second, it will seek the approval from your lender(s), if any.
Once the necessary approvals are complete, the next step is obtaining an independent appraisal from a qualified, professional appraiser. Upon request, the Trust can provide you with a list of independent appraisers skilled in the valuation of easements. The appraisal determines both the fair market value of the property and the value of the easement (the value of the charitable donation for tax purposes).
Once the appraisal is complete, the Trust will send you a closing package. You will need to sign and notarize the easement and recordation forms, write a check to the Trust as a charitable contribution, less your deposit, and return the package to the Trust. In a few weeks, you will receive the completed IRS Form 8283 and appraisal for inclusion in your income tax return and if you choose, a bronze plaque for display on your property.
Sixty to 90 days following your easement donation, you will receive the recorded easement from your local land records office.
