H.R. 2773 — Landowner Easement Rights Act

This section directs the Secretary, at the request of an owner of land subject to an eligible conservation easement, to provide within six months (1) a detailed map of the easement and (2) notice of its current fair market value, as determined by the Secretary; and either to renegotiate the easement terms to a duration of not more than 30 years with payment to the landowner equal to such fair market value minus the inflation-adjusted original purchase price or to allow the landowner to buy back the easement (or a portion thereof) at fair market value. (As background, eligible conservation easements are typically perpetual use restrictions on private land acquired by USDA to protect agricultural, environmental, or open-space values.)

This section directs the Secretary to notify the owner of land subject to a conservation easement of the owner's right to submit a request under section 3 (1) not later than 3 months before the easement becomes eligible under section 5(2)(A); and (2) not later than 1 year before it becomes eligible under section 5(2)(B).

This section defines terms for purposes of the Act, including: (1) "conservation easement," as a voluntary, legal agreement between a landowner and the Secretary of the Interior that limits land use to protect conservation values (excluding agreements with Indian Tribes or related to utilities); (2) "eligible conservation easement," as one in effect for longer than 30 years or put into effect before 1977 without an official corresponding map; and (3) "Secretary," as the Secretary of the Interior.