2021 First-Time Homeowner Exemption Increased

At the December 8, 2020 meeting of the Nantucket Islands Land Bank Commission, it was unanimously voted to increase the First-Time Homeowners “M” Exemption from $600,000 to $850,000 effective January 1, 2021.  This means that a qualified first-time home buyer is now exempt from the Land Bank fee on the first $850,000 of the purchase price, increasing their potential savings from $12,000 to $17,000. The Commission based its decision upon a review of 2019 and 2020 sale prices of “M” exemption purchases which indicates the average starter home price is approximately $850,000. The Land Bank hopes that this helps make properties more within reach for first-time buyers looking to make the island their permanent home.