THE “M EXEMPTION”
As of January 1st, 2023 the new “M EXEMPTION” for first-time MV Homebuyers went up to $800K (up from $715k in 2022 and $595k in 2021) for individuals purchasing their first MV property. Meaning that if you were to purchase a home for $1mil you would only be required to pay the 2% Land Bank fee on the difference of $200k vs. the entire $1mil.
What is the MV Land Bank?
The Martha’s Vineyard Land Bank was created in 1986 with the goal of conserving wildlife habitat areas, wellfields, aquifer recharge areas, marshes, beaches, farms, scenic vistas and to promote conservation and preserve open spaces. In addition to public recreation, several of the land bank properties are used for agricultural purposes and the organization leases land to island farmers. All of the Land Bank properties are open to be enjoyed by island residents and visitors from sunrise to sunset except during hunting season in the fall where permission to hunt is granted to a small number of hunters. Trails are marked throughout and boundary markers indicate where public land ends and private land begins. Since the organization was created, over 3,900 acres have now been conserved, amounting to approximately 7% of the land area on the island.
As mentioned before, the Land Bank is funded by charging a 2% fee paid by the buyer of any real property on the island of Martha’s Vineyard. The fee must be paid in order for the deed to be registered or recorded by the Dukes County Registry of Deeds.
If you are thinking about selling or buying on #marthasvineyard please reach out to me today!
The O’Hanlon Group
Compass Martha’s Vineyard