Definitions

501(c)3 - Exemption status given to a charitable organization under Section 501(c)3 of the IRS code. Organizations receiving 501(c)3 status are tax exempt and donations to such organizations are tax deductible. CHPT is a 501(c)3 land trust.

Bargain Sale - Sale of land at below fair market value. The difference between the fair market value and price paid is the tax deduction.

Conservation Restriction - A legal agreement between a landowner and non-profit organization in which the owner agrees to restrict the use of the land. Subsequent owners must comply with provisions of this easement.

Cultural Resources - Historic or prehistoric sites, typically man-made or influenced.

Endangered Species - There are three types of endangered species: special concern, threatened, and endangered. For more information on endangered species, please visit Natural Heritage and Endangered Species Program web site.

Massachusetts General Law Chapters 61 - MGL Chapter 61 is titled "Classification and Taxation of Forest Lands and Forest Products". Click Here for Taxpayer's Guide to Chapter 61.

Massachusetts General Law Chapters 61A - MGL Chapter 61A is titled "Assessment and Taxation of Agricultural and Horticultural Land." Click Here for Taxpayer's Guide to Chapter 61A.

Massachusetts General Law Chapters 61B - MGL Chapter 61B is titled "Classification and Taxation of Recreational Land." Click Here for Taxpayer's Guide to Chapter 61B.

Natural Resources - Wetlands, habitat, plants, vernal pools, scenic areas; anything not man-made.

Stewardship - Maintenance and management of protected land.

Vernal Pool - Physical and biological descriptions of vernal pools can be found by visiting The Vernal Pool Association.