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Nantucket News

Land Bank Tax Exemption Increase for First Time Home Buyers

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.

Cynthia Lenhart

Cynthia Sadler Lenhart - Broker with Compass Rose Real Estate, Inc.As the proud founder of Compass Rose Real Estate, Cindy has been selling real estate on Nantucket for over 33 years. She currently serves as Treasurer for the Nantucket Association of Real Estate Brokers (NAREB) and is on its Professional Standards Committee and Publication Committee.  She is a member of Cape Cod & Islands Association of Realtors (CCIAOR), with CBR and GRI designations and is a member of the National Association of Realtors.

She began her real estate career in 1982 at Maury People Real Estate and then spent 13 fruitful years with Congdon & Coleman Real Estate.  She started Compass Rose in 1996 with a small office in her home as a way to better balance raising her two young sons without giving up her career.  As business grew her husband and business partner, Chuck Lenhart, designed and built the present office at 137A Orange Street.  

When asked what makes Compass Rose special she said “It’s all about service.  Service with sincerity and integrity.”  

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