In 1983 the Nantucket Islands Land Bank was formed to preserve and protect Nantucket’s public open space, with a focus on conserving, recreation and agriculture for the benefit of the public. Since then the buyer of a property on Nantucket pays a 2% land bank fee which goes into a fund for the Land Bank to accomplish their mission. In the past 40 plus years, the Land Bank has acquired and maintained over 3,500 acres on Nantucket.
The Land Bank has raised the First Time Homebuyer’s exemption from $1 million to $1.2 million dollars. This means that a buyer who has never owned real estate anywhere (not just on Nantucket) is exempt from paying the 2% on the first $1,200,000 of the purchase price. The Land Bank Fee is not tax-deductible but can be added to the cost basis of the property, capturing a tax benefit when selling. For more information, please contact the Land Bank directly at 508-228-7240.