The assessed value of the property is not your new adjusted basis. This example could help explain the process.
Inherited Property Assessed Value at the time it was inherited - $161,000
Total square footage of the Property - 3,500
Square footage of donated easement - 1,050.
New adjusted basis after the donation:
Square footage of donation / total square footage = Percentage donated:
1,050 / 3,500 = 30%
Percentage donated x Inherited basis = basis of donated easement
30% x $161,000 = $48,300
Original basis of your property - Basis of donated easement = New adjusted basis of your property
$161,000 - $48,300 = $112,700
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