Nantucket Island Land Bank
The Nantucket Islands Land Bank is the backbone behind some of the most picturesque and relaxing Nantucket hideaways. If you have not experienced everything the Land Bank has created for the island of Nantucket, look for these signposts and get out and enjoy!!
Nearly half the island is now permanently protected open space that will never be built on, making our island a truly unique place. Nantucket was the first place to adopt this model and many other communities across the country have followed suit.
The Land Bank is able to protect these open spaces thank to a transaction fee associated with real estate transactions. I’m here to answer some basic questions so please contact me if you have any questions related to the Land Bank, the transaction fee or purchasing property on Nantucket – Gina O’Callaghan
What are the most commonly utilized Land Bank properties?
- One of my personal favorites is the Playground at Codfish Park in Sconset. Plenty of fun for children to run around while enclosed on all sides.
- The Beaches! Cisco, Ladies, Madaquecham, Surfside, 40th Pole and more!
- Gardner Farm is a 41-acre parcel with wonderful walking trails, parking located off of Hummock Pond Road.
- Hinsdale Park, which showcases our newest playground on Nantucket, along with walking trails, a labyrinth, playing fields and more. Accessed via Old South Road. You can’t miss the lime green playground equipment! This is an awesome new playground for kids and adults alike!
- Mizzenmast, Holly Farm, Norwood Farm, Sanford Farm, Shawkemo Hills and Smooth Hummocks, all offering beautiful walking trails and scenic views.
- Miacomet Golf Course and Sconset Golf Course are also Land Bank Properties.
What is the 2% buyer fee assessed for the Nantucket Land Bank?
At the time of the real estate transfer, the purchaser is responsible for payment of the fee in the amount of two percent of the purchase price.
Who is exempt from the 2% fee?
First time home buyers are exempt from the fee for the first $600,000 of their purchase price ($12,000) for 2020. This fee is determined on an annual basis. You can always verify on their website NantucketLandBank.org
Can you take a deduction on your taxes if you pay the fee?
While you should verify this with your accountant, the Land Bank considers this a fee, and not a tax-deductible expense.
What is the purpose of the 2% Nantucket Land Bank fee?
From their website: To acquire, hold and manage important open space resources of the island for use and enjoyment by the general public. The voters of Nantucket established this commission in 1984. Since this time, as of January 2019 and the commission’s last update on their website, the Land Bank now owns 3,157 acres with an additional 503 acres permanently protected by restrictions, totaling over $304 million in purchases.
What are the most recent properties acquired by The Nantucket Land Bank (acquired since July 2019)?
- 39 Almanac Pond (9.64 acres)
- 41 Almanac Pond (9.63 acres)
- 246 Milestone Road (2.81 acres)
- 204 Cliff Road (.31 acres)
- 101/103 Hummock Pond Road & 5 Millbrook Road (14.94 acres)
TOTAL PURCHASE PRICE OF ABOVE: $18,800,000
Are Land Bank properties open during hunting season?
Yes, most are. Closed properties include Sanford Farm, Tupancy and portions of the Milestone Cranberry Bog. Please take caution when on land bank property during hunting season and dress your pets in orange vests to make them easier to see. By law, hunting is only permitted between 1/2 hour before sunrise and 1/2 hour after sunset. Hunting is prohibited on Sundays.
Is the Land Bank handicap-accessible?
The Land Bank is working to make all of their properties handicap-accessible. Hinsdale Park, Cisco Beach, Codfish Park and Sconset Golf Course are currently handicap-accessible.