Common Contracts
2 similar Development Rights Agreement contracts
DEV'T RIGHTS AGREEMENT: ENERGY CROPDevelopment Rights Agreement • August 12th, 2008
Under the Natural Resources and Environmental Protection Act, the owner of open space land or farmland may enter into an agreement with the State or a local unit of government under which the owner gives up, or relinquishes, the right to develop the property in exchange for certain tax abatements for a period of time. In the case of an open space development rights easement, the development rights are exempt from property taxes. If farmland is subject to a development rights agreement, the owner may claim an income or business tax credit. If an easement or agreement is terminated before its agreed-upon termination date, a lien for the unpaid taxes may be placed on the property. A lien becomes payable when the land is sold or, in the case of open space land, when it is converted to a use prohibited by the former easement. Some people believe that the owner of land subject to an open space easement should be permitted to terminate the easement, without penalty, if the owner entered into
DEV'T RIGHTS AGREEMENT: ENERGY CROPDevelopment Rights Agreement • May 29th, 2008
Under the Natural Resources and Environmental Protection Act, the owner of open space land or farmland may enter into an agreement with the State or a local unit of government under which the owner gives up, or relinquishes, the right to develop the property in exchange for certain tax abatements for a period of time. In the case of an open space development rights easement, the development rights are exempt from property taxes. If farmland is subject to a development rights agreement, the owner may claim an income or business tax credit. If an easement or agreement is terminated before its agreed-upon termination date, a lien for the unpaid taxes may be placed on the property. A lien becomes payable when the land is sold or, in the case of open space land, when it is converted to a use prohibited by the former easement. Some people believe that the owner of land subject to an open space easement should be permitted to terminate the easement, without penalty, if the owner entered into
