Session Law


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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.