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Nantucket Land Bank raises first-time homebuyer exemption to $1.4 million
Summary
The Nantucket Land Bank Commission voted to raise the first-time homebuyer ("m") exemption to $1.4 million for 2026, citing the jump in median purchase prices through Nov. 30; the change requires owner-occupancy for five years and will be recorded with a lien.
The Nantucket Land Bank Commission voted on Dec. 9 to raise the first-time homebuyer exemption (the "m" exemption) to $1,400,000 for calendar year 2026.
Staff recommended the change after reporting that the median purchase price through Nov. 30 stood near $1.47 million, and said the increase is intended to keep the exemption aligned with local market conditions. A commissioner moved the increase, another seconded, and the commission approved the motion by voice vote.
The exemption is limited to first-time,…
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