The Conservation easement has become a popular tool for land protection in the past few decades. Whether this development restriction will necessarily decrease the land value is an empirical question. This study employs a hedonic pricing approach to test empirically the effects of conservation easements on land values. The econometric results indicate that conservation easements can slightly increase the land values, but the effect is statistically insignificance. Considering the limited dataset, the interpretation of the results warrant some caution.