“Located just across the water from its nearby neighbor, St. Simons Island, Jekyll Island boasts over eight miles of white sandy beaches and an amazing degree of privacy and protected natural habitat, Jekyll Island is a Georgia State Park, and maintains a strict conservation clause which limits future development to preserve wildlife and protect the scenic beauty that is home to a variety of animal species, and magnificent Southern Oak trees with Spanish moss draping from their branches. Sixty-five percent of Jekyll Island will always remain natural and wild, ensuring that this unique getaway will continue for generations to come.”
Having lived in the area all of my life, our family would come over and visit all the island during the Spring & Summer. It was always a happy time. We loved all of the boardwalks that lead from the hotels to the beach as they meander through the oaks to the water. Even though there is a limit to development on the island, the new convention center and hotels have been a welcome addition.
“Visitors to Jekyll Island know its natural beauty, diverse history, and numerous recreational activities. As visitors return again and again to Jekyll, many make the decision to make this island home, or to become a homeowner. However, many are surprised to learn this little barrier island is a state park, which means there are special rules and guidelines for homeownership and property rental for the more than 600 private residences on the island.”
“Unlike traditional home ownership, all land on Jekyll Island is owned by the State of Georgia. Instead of purchasing a parcel of property and its buildings (fee-simple ownership), the State of Georgia leases the land to owners for a fee, known as leasehold ownership. In this scenario, the homeowner (Lessee) pays the lessor (Jekyll Island Authority) rent to lease the land. Under this arrangement, you do not own the land, rather you own the structure, including any improvements, and have the right to use it exclusively and may transfer ownership for the remaining years of the lease. Residential leases are long-term, and current leases expire anywhere from 2049-2088.”
“Under the terms and conditions of the standard residential lease, ANNUAL RENT is calculated at four-tenths of one percent (0.4%) of the fair market value of the leased land as determined by the Glynn County Tax Assessor, subject to any discounts provided for in the residential lease.” One of the only other areas in the country that has this type of ownership is the state of Hawaii.
Example: If the land you lease has a fair market value of $215,000.00, then your annual rent would be $215,000. x .004= $860.00 before any discounts or adjustments.”
I hope this information helps and makes living on the island exactly what you have hoped for. I can show you any property on the island, just let me know. I look forward to hearing from you. Thank you for your interest.
George T. Fesperman, III ABR, GRI