Land Protection Definitions

These terms are used frequently in discussions between staff and landowners. Please contact us if you'd like to know more.
Assists - SVT worked with one or more conservation partners to help protect this land, but did not own it at any time and holds no long-term interest in it.
Bargain Sale - A bargain sale is a sale to a charitable organization or government entity for less than fair market value. The difference between the appraised value and the sale price of the property is considered a charitable donation, so while the net proceeds to the seller are less in such a transaction, this may be offset by tax savings.
Conservation restriction - A conservation restriction (CR) is a partial interest in property acquired by a conservation organization or agency to limit development or other damage to natural resources. The private owner retains title to the land. Because the CR reduces the land's market value, the owner is often eligible for reductions in property, estate, or income taxes. Click here for more information on conservation restrictions.
Chapter 61/61A/61B - Often called the "current use" tax program, this state legislation offers reduced property tax assessments to landowners who meet certain criteria for active forestry (Chapter 61), agriculture (Chapter 61A), or recreation (Chapter 61B). If a change in the use of such land is proposed, the municipality has the right of first refusal and can purchase the property by meeting a private buyer's bona fide offer. The town may assign its option to a nonprofit conservation organization like SVT. Once notification of the proposed change and selling price are received, the town or nonprofit has 120 days to exercise its right to purchase and proceed with a plan that protects the majority of the land in its current use.
Fee ownership – An ownership interest in real estate that is perpetual and without conditions, limitations, or restrictions. SVT has taken title to these properties and will hold them as protected open space.  Click here to learn more about conveying ownership to a land trust. 
Option to Purchase – A right for a stated period of time, to acquire a specific property at a specific price. Click here to learn more.
Right of First Refusal – Agreement by an owner to offer a property to a specified individual or organization at the same price and terms as those in a future bona fide offer to purchase received by the owner. Click here to learn more.
Transfers - SVT sometimes owns land temporarily, holding it for sale or gift to another conservation organization or agency at the appropriate time.