December 17, 2024
At the December 10, 2024 meeting of the Nantucket Land Bank Commission, it was unanimously voted to increase the first-time homebuyer’s (“M”) exemption from $1,000,000 to $1,200,000 effective January 1, 2025. This means that qualified first-time homebuyers are now exempt from the Land Bank fee on the first $1,200,000 of the purchase price, increasing their potential savings from $20,000 to $24,000. The Land Bank hopes that this helps make properties more within reach for first‐time buyers looking to make the island their permanent home.