Martha's Vineyard Land Bank Commission
 
 
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Frequently Asked Questions (FAQs)
Why is there a lien on my property?
I paid a Land Bank fee, can I take a deduction on my tax return?
What happens to the lien if I want to refinance?
 
Why is there a lien on my property?

First-time home-buyers who have received an "m" exemption for all or part of the land bank fee routinely have a lien recorded against their property at the Dukes County registry of deeds. The lien is to ensure that the land bank will be notified if the owner attempts to sell the property, which is subject to the lien, before the five-year residency requirement has been completed. Sales within this five-year period will trigger the fee to become due and payable to the land bank, which may also include interest and penalties.