AN ACT RELATIVE TO THE NANTUCKET ISLANDS LAND BANK.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
Paragraph (m) of section 12 of chapter 669 of the acts of l983, as most recently amended by section 6 of chapter 370 of the acts of 2002, is hereby further amended by striking out the first sentence and inserting in place thereof the following 2 sentences:- An amount determined on or before January l of each year by the land bank commission after due analysis of the range of real estate prices and in no event less than $400,000 of the purchase price of a transfer made to a purchaser who, or whose spouse at the time of transfer, has at no time before the said transfer owned or possessed any real property interest as defined in section 1 either within or without Nantucket county, but the purchaser shall make the real property interest which is the subject of the transfer the purchaser’s actual domicile within 1 year of the time of transfer, and shall remain permanently or for an indefinite time and without any certain purpose to return to a former place of abode. In the event of a later transfer within 5 years of the transfer exempted from the fee under this paragraph, other than the transfer of a mortgage to an institutional lender, the fee exempted shall become due, together with accumulated interest and penalties, and in addition to any fee otherwise due as a result of the later transfer.
Approved June 28, 2006.