01-18-2008, 07:12 AM
I can't answer specifically to some point you may have noticed in the PreDraft but my family in Connecticut transferred (sold) the development rights to most of the farm acreage to the state. In effect my family received about $500,000 in exhange for about $1.5 million in land value. They had needs that did not include greed so they did the deal. Three things occurred in that event.
1) My family elders acquired funds for retirement without having to sell the property to development.
2) The farm land was preserved for perpetuity for agricultural purposes
3) the tax rate on the affect acres was reduced to it's true agricultural value instead of it developable market value.
It sometimes happens that development rights are sold, traded or otherwise negotiated on interests that are not always money.
1) My family elders acquired funds for retirement without having to sell the property to development.
2) The farm land was preserved for perpetuity for agricultural purposes
3) the tax rate on the affect acres was reduced to it's true agricultural value instead of it developable market value.
It sometimes happens that development rights are sold, traded or otherwise negotiated on interests that are not always money.
Assume the best and ask questions.
Punaweb moderator
Punaweb moderator