Benefits of Preserving Your Land
Livingston Township Residents often inquire
as to how the Open Space Committee identifies
potential property, how the purchase process
proceeds and does the seller get “fair
price” for
his or her land.
The Township may acquire land or the use of land for the Open Space Program in
several ways. These include donation of the land or use of the land, or by purchase
for cash. Property owners frequently contact the Township or the Committee, and
the Committee often reaches out to land owners who may have an interest in the
program.
Either way there are a number of potential benefits for the seller. These may
include estate, capital gains, income or property tax relief. A land owner can
gain cash for property value or income from the sale of development rights while
maintaining ownership. An additional benefit is the good feeling that may come
from the permanent preservation of the property. There are many advantages in
dealing with the Township.
Although donations are certainly appreciated, the trust committee follows a purchase
procedure which is considered to be extremely fair to the potential seller. This
starts with a property owner indicating an interest, not a commitment, in selling,
and the Township having an interest in purchasing the property.
The Committee will then commission, at the Township's
expense, an independent land appraiser to study and
determine a “fair market value” to the
property. This then becomes the basis for continued discussion on the potential
sale.
An additional benefit to the seller is that since
the sale is to the Township, lengthy and costly procedures – zoning,
planning, various permits, and compliance with the
new stormwater, tree and growth share ordinances
may not be necessary.
Many sellers around New Jersey have found that this route for selling property
has been very beneficial to them. Should you have any interest in discussing
property you may own in the Township I would be pleased to chat with you. Call
me at 973-994-9007.
Paula McGovern, Chairperson
Open Space Trust Committee
October 2006
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