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A conservation easement is a voluntary legal agreement between a landowner and a land trust, such as the Montana Land Reliance, that limits the uses of the land in order to protect its conservation values. The land owner -- the conservation easement donor -- retains title to the property. Regardless of changes in ownership, however, the conservation easement runs with the title, thereby protecting the land, for example from inappropriate development.
Granting an easement can yield tax savings. Think of land ownership as holding a bundle of rights that may include the right to subdivide, construct buildings, irrigate, harvest timber, or restrict access. A landowner may sell or donate the whole bundle of rights or first one or two of those rights. If a property owner wants to give away certain rights for the purpose of conservation, all the while retaining other rights, she/he grants a deed of conservation easement to a land trust. The donation of an easement may qualify as a charitable contribution. As such, it may reduce income, estate and gift taxes.