Compass Rose is pleased to share some great news!
The Nantucket Land Bank has raised the exemption for first time home buyers from to $600,000! This means that first time home buyers are exempt from paying the 2% Land Bank fee on the first $600,000. of their purchase price. For example: If a first time home buyer purchases a home on Nantucket for $725,000, they are only required to pay a Land Bank Fee of 2% on the amount over $600,000, in this example it would be 2% of $125,000. To clarify further, this is a break only for buyers first time ever purchasing a home anywhere.
Note: The 2% Land Bank fee is used to fund the expansion of conservation land on Nantucket. The program has been very successful in helping to maintain the natural beauty of the island. Currently, about 50% of the island is conservation land, and around 3,300 Acres is owned by the Land Bank.