At the December 13, 2022 meeting of the Nantucket Islands Land Bank Commission, it was unanimously voted to increase the First-Time Homeowners “M” Exemption from $850,000 to $1,000,000 effective January 1, 2023. This means that a qualified first-time home buyer is now exempt from the Land Bank fee on the first $1,000,000 of the purchase price, increasing their potential savings from $17,000 to $20,000. The Commission based its decision upon a review of 2021 and 2022 sale prices of “M” exemption purchases which indicates the average starter home price is approximately $1,000,000. The Land Bank hopes that this helps make properties more within reach for first-time buyers looking to make the island their permanent home.