Since 1983 the Nantucket Land Bank has been a successful land conservation program created to acquire, hold and manage key open spaces and land on Nantucket for public use, agriculture and recreation. As a first of its kind in the United States, the program's success has led it to be used as a model for other communities across the country. The efforts of the Nantucket Land Bank, and other island conservation programs, has led to nearly half of Nantucket being permanently protected open spaces.
The Land Bank acquires and manages land through funding from a fee collected during most real estate transfers on Nantucket. The purchaser of the property is responsible for payment of the fee, equal to two percent of the purchase price of the property. There are exemptions such as a first-time home buyer's exemption where certain requirements that must be met. Your real estate agent is a great resource for questions regarding the Land Bank fee.
We are extremely fortunate on Nantucket to have such beautiful landscapes and beaches and equally fortunate that these places are protected and accessible. For more information about the Nantucket Land Bank and its properties, use, programs, and fees visit www.nantucketlandbank.