PROPERTY TRANSFERS
March 31, 2008 ~ April 4, 2008
3. A house on 5.6 acres at 1 Pochick Ave. sold to Mark A. Lombardi and Maureen Lombardi of Nantucket, Mass. from Mark A. Lombardi and Maureen Lombardi, Trustees of Lombard Realty Trust of Nantucket, Mass. for $1. The property is assessed at $5,576,100. The land bank exemption is D.

1. A business on .10 of an acre at 10 Gay St. sold to Sherburne Investments, LLC, of Nantucket, Mass. from Susan K. Gasparich a/k/a Hamilton of Nantucket, Mass. for $2,525,000. The property is assessed at $2,190,900. The land bank fee is $50,500.

4. A house on .46 of an acre and .91 of an acre at 3 and 11 Pochick Ave., respectively, sold to John E. Reed of Westfield, Mass. from Glynis E. Reed of Stuart, Fla. for $1. The properties are assessed at $3,017,600 and $4,706,700, respectively. The land bank exemption is K.

5. Ahouse on 1.3 acres at 3 Wamasquid Place sold to 3 Wamasquid Place Realty Trust of Nantucket, Mass. from Michelle Poupon of Nantucket, Mass. for $0. The property is assessed at $1,522,400. The land bank exemptions are C and D.

6. A house on .22 of an acre at 8 King's Way sold to Robin Carey of Riverside, Conn. from James D. Carey and Robin Carey of Riverside, Conn. for $0. The property is assessed at $3,071,800. The land bank exemption is C.

2. Ahouse on .45 of an acre at 4 Hendersons Drive sold to Douglas J. Reichard and Mary N. Reichard of Short Hills, N.J. from James Wolf and Janice L. Wolf of Nantucket, Mass. for $1,650,000. The property is assessed at $1,385,100. The land bank fee is $33,000.

7. A house on 1.8 acres at 12 Cathcart Road sold to Alison S. Monaghan of Wellesley, Mass. from Alison S. Monaghan, as Trustee of the Thekla R. Shackleton Grantor Retained Annuity Trust, dated 1-22-93, of Sarasota, Fla. for $0. The property is assessed at $5,305,300. The land bank exemption is D.

The Nantucket Islands Land Bank gained $83,500 in transfer tax fees for the week ending April 4. For 2008, the Land Bank gained an estimated total of $3,132,970.01 in transfer fees. Land bank income is derived mostly from the collection of a two-percent transfer tax on real estate transactions, subject to certain exemptions. The land bank acquires, holds, and manages land for open space and recreation on Nantucket. Other revenue sources include investments, private contributions, leasing of the Lily Pond Cottage at 15 North Liberty St., and properties at 2 Massasoit Bridge Road, 159 Hummock Pond Road, and 22 Broad St.

NOTES ON EXEMPTIONS Many of the property transfers recorded with the Land Bank are exempt from the 2-percent transfer fee using one of 13 exemptions allowed by the Land Bank Act as follows: A: transfer to government entity. B: transfer which, without additional consideration, confirms, corrects, modifies, or supplements a previously made transfer. C: transfer made as a gift without consideration. D: certain transfers to and from a trust. E: transfer via death or bankruptcy. F: transfer made in partition of land and improvements. G: transfer to charitable organizations. H: transfer to a mortgagee in foreclosure of the mortgage. I: certain transfers made to or within a corporation or partnership. J: certain transfers out of a corporation or partnership. K: transfer due to divorce. L: transfer of property that is partially personal property and partially real property. M: certain first-time property buyers (applies to the first $400,000).

The above explanations are abbreviated because the language explaining these exemptions is too lengthy to print in this section every week. If you're curious about a certain exemption, go to the Nantucket Islands Land Bank Web site for complete information on the exemptions and the land bank's governing bylaws: http://www.nantucketlandbank.org. Or visit

the office at 22 Broad St. I