What is the current first-time home buyers exemption amount?
As of December 2008, the current maximum amount that can be exempted from the purchase price for first-time home buyers is $400,000. If this exemption is claimed at the time of the purchase, the purchasers must fulfill the requirements of the exemption as stated in Section 12(-m-) of the Act and Section 4.16 of the Rules and Regulations or the exempted land bank fee will become due and payable to the land bank together with accrued interest and penalties. This amount is determined by the Commision on an annual basis. Please contact the Land Bank office for the most current “M” exemption amount.
