Agricultural Conservation Easement Program (ACEP) Update
Updates for the 2024 ACEP in Tennessee include funding availability for wetland reserve easements and agricultural land easements, details on the program applications process, approval of Area Wide Market Analysis (AWMA) and Geographical Area Rate Cap (GARC), changes in GARC for 2024 including individual appraisals, and a snapshot of program applications as of February 12, 2024.
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Agricultural Conservation Easement Program (ACEP) Update 1
2024 ACEP funding WRE-General available state wide (Wetland Reserve Easements) $4,065,451 ACEP-ALE available state wide (Agricultural Land Easements) $600,000
ACEP FY24 Program Applications The ACEP FY24 initial sign up period had a cut-off date of November 3, 2023. Due to low response, a 2nd ACEP signup was announced on December 4, 2023 with a cut-off date of January 5, 2024.
AWMA/GARC The FY24 Area Wide Market Analysis (AWMA) and the Geographical Area Rate Cap have been approved The FY24 AWMA/GARC has been posted to the TN NRCS website
The GARC Map is used to create a basis for the purchase of conservation easements through the ACEP-WRE by placing a value per acre in different geographical areas of the state. An Area Wide Market Analysis (AWMA) is conducted by a private certified appraiser. The appraiser gathers data from property sales over the last 12 months on properties that fit the categories listed on the map. Once the data is collected, the appraiser summarizes the data to calculate an average value for each geographical area. Tennessee has decided to provide compensation based on the 95 percent of the average value, then round down to the nearest $50.00.
GARC changes for 2024 The GARC for Tennessee in 2024 will include individual appraisals in some of the market areas. This change is due to lack of comparable property sales in those market areas in which to develop a dollar rate per acre The market areas that do have a dollar rate per acre, the amount has increased considerably from past years due to higher property sale prices in Tennessee. There are eight states that border Tennessee, four states use the dollar per acre method and four states use individual appraisals for easement purchases, some of these states use a combination of methods depending on county location
ACEP FY24 Program Applications as of February 12, 2024 WRE 5 new applications 2 deferrals from previous year ALE 1 new application Total applications-8
