Virginia has some interesting opportunities with land conservation and tax planning.   This can be a complicated area, however, here are some general guidelines:

• You can donate land or a conservation easement to a land trust to preserve the natural, scenic, and historical integrity of your property.  The key here is that you still have the land to enjoy, but you agree not to develop the land.  This is a perpetual agreement.
• You receive  a federal income tax deduction subject to 50% of the donors’ adjusted gross income with a 15 year carry forward.   Farmers who received more than 50% of their income from agricultural activates can deduct up to 100% of their income.
• Virginia Income Tax Credit donors may be eligible for a Virginia income tax credit equal to 40% of the value of the donated interest for the year donated with a 12 year carry forward.  The limit is $50,000 a year.
• Virginia Tax Credit Market-You are able to sell your unused credits usually 70-80 cents on the dollar.
• Local property tax reduction-by giving up some land, your property assessment will be lower, hence lower property taxes.

There is a lot more to this and a good starting point to learn in  the Northern Virginia area is the Northern Virginia Conservation Trust at www.NVCT.org.  For other areas, you can begin your research at www.lta.org.  This is the umbrella organization for many of the land trusts in the US.