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New First‐time Homeowners Exemption

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Fisher Real Estate
Nantucket Land Bank


Link to Press Release

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 homebuyer 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.

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Fisher Real Estate