Martha's Vineyard Land Bank
Why a Land Bank?
The Martha’s Vineyard Land Bank was established in 1986 to support island conservation efforts. Across the island, thousands of acres have been purchased by the Land Bank, preserved in their natural, unspoiled state and opened for selective public access. These areas include beautiful beaches, hiking trails, and farmlands. All island real estate transactions are subject to a 2% Land Bank fee, paid by the buyer at closing. These fees are used by the Land Bank to fund additional property acquisition and preservation efforts.Martha’s Vineyard has witnessed unprecedented change in the most recent decades. Farming declined; centuries-old pastures and fields were left to knot into vines and shrubs. The “freedom to roam” was curtailed as fences were erected across trails, beaches were gated off, and hunting was restricted.
Few of these problems could be solved by planning boards and conservation commissions only; the Vineyard needed a new type of land agency. In the midst of an up-spiraling building boom, island voters created the land bank in 1986 and charged it with reversing their losses. More than 1,500 acres have now been conserved. Although this sounds impressive, it is actually small; just 2% of the land area on the island. The commission’s revenue—generated by a 2% public surcharge on most real estate transfers occurring in the six towns—is modest compared to need, ensuring that islanders can expect the Land Bank to protect only a fraction of their community.
And this money must go far. Farmers, hikers, beach-combers, birders, hunters, and many others are all constituents of the Land Bank, and all deserve to have some land set aside for their special needs.
The preceding narrative was provided by the Martha’s Vineyard Land Bank www.mvlandbank.com.
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