The Nantucket Islands Land Bank Fee is a 2% transfer tax on the purchase of real estate on Nantucket. Since the inception of the program there has been an exemption for first time buyers who meet certain conditions. The exemption was recently raised from $400,000 to $500,000. The exemption applies to buyers who have never owned real estate (anywhere) and who intend to occupy the property within 5 years of purchasing it. We applaud the Land Bank Commission for proactively responding to the current real estate market conditions.