facade easement

facade easement

Typically,rights granted to historic groups so they can maintain control over the appearance of the exterior of a building.

References in periodicals archive ?
Architectural Trust (NAT) of a facade easement on a building in a
2016), a partnership made a charitable contribution of a facade easement over a New York City building and reported a deduction of $2.
Donation of facade easement in historic district fails to qualify for tax deduction
The Fifth Circuit affirmed the Tax Court's determination of the value of a facade easement, finding that the Tax Court had properly followed its instructions on remand.
In 2003, the taxpayers granted a facade easement to the NAT, restricting the use of the property.
The court in Wall repeatedly relied on Kaufman, in which the Tax Court held that the taxpayers were not entitled to the charitable contribution deduction because the facade easement in that case did not meet the Sec.
The amount of the deduction for the contribution of a facade easement is the full fair market value of the easement at the time of the contribution.
8) A variation on the conservation easement is the use of a facade easement, where the landowner agrees not to alter the facade or modify the architectural characteristics of a particular building.
In fact, for many years, the Internal Revenue Service seemed to endorse this notion of a safe harbor by stating that "Internal Revenue Service engineers have concluded that the proper valuation of a facade easement should range from approximately 10% to 15% of the value of the property.
Since January, the Trust has facilitated nearly 30 applications for facade easement donations in Baltimore, enabling property owners to benefit from the Historic Tax Incentive Program and ultimately accelerating voluntary preservation efforts throughout the area.
A look at the current state of facade easement deductions.