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PROPERTY TRANSFERS
2. A house on .11 of an acre at 1 Wesco Place sold to Richard A. Chesley and Dianna L. Chesley of Winnetka, Ill. from Rosemary Zurmuhlen of New York City, N.Y. for $1,650,000. The property is assessed at $860,800. The land bank fee is $33,000. 3. A house on .31 of an acre at 20 Waydale Road sold to Kris A. Perez of Nantucket, Mass. from David Glowacki and Ellen M. Glowacki of Nantucket, Mass. for $813,000. The land bank fee is $16,260. 4. A house on .31 of an acre at 7 Otokomi Road sold to Lindsey C. Knapp, Amy G. Knapp, Jeffrey C. Knapp and Cynthia E. Knapp of Nantucket, Mass. from James Patrick and Theresa M. Senft of Fort Lauderdale, Fla. for $739,000. The land bank fee is $14,780. 5. A vacant lot on .65 of an acre at 30 Sparks Ave. sold to Mary E. Mohan, as Trustee of Pilgrim Nominee Realty Trust of Quincy, Mass. from Sherburne Associates Realty Trust of Boston, Mass. for $550,000. The property is assessed at $1,002,300. The land bank fee is $11,000.
7. A vacant lot on .46 of an acre at 27 Evergreen Way sold to David Lemberg of Nantucket, Mass. from Erin Lemberg of Jamaica Plain, Mass. for $325,000. The property is assessed at $232,300. The land bank fee is $6,500. 8. A vacant lot on .92 of an acre at 15 Wauwinet Road sold to Polpis High Five, LLC, of Nantucket, Mass. from M.J. Levy Dickson of Nantucket, Mass. for $85,000. The property is assessed at $46,600. The land bank fee is $1,700. 9. Timeshare interval, Time Period 28 in Unit D-1 in Building D in Brant Point Courtyard Condominiums on Swain Street sold to Marybeth Sweeney of Hyde Park, Mass. from Christopher M. and Julie T. Quinn of Dover, Mass. for $16,000. The property’s assessed value is unavailable. The land bank fee is $320.
11. A vacant lot on 2.2 acres at 6 Capaum Pond Road sold to Jeffrey Carter of North Nashville, Tenn. from Bradbury, Lyon, Miller, LLC, of North Nashville, Tenn. for $1. The property is assessed at $2,777,100. The land bank exemption is I. 12. A house on .53 of an acre at 8M St. sold to Elwood M. Johnson, Sr. and Cynthia G. Johnson, Trustees of the Johnson Revocable Living Trust of Hopkinton, R.I. from Elwood M. Johnson, Sr. and Cynthia G. Johnson, R.I for $1. The property is assessed at $744,300. The land bank exemption is D. 13. A house on .09 of an acre at 15 India St. sold to Susan Jean Hagen Cavanough of London, England from David Hays Cavanough of London, England for $0. The property is assessed at $1,515,500. The land bank exemption is C.
15. A house on .46 of an acre at 27B Evergreen Way sold to Erin M. Lemberg of Jamaica Plain, Mass. from Erin M. Lemberg of Jamaica Plain, Mass. for $0. The property is assessed at $232,300. The land bank exemption is C. 16. A house on 2.3 acres at 23 Osprey Way sold to Henry DuBois Bartlett and Rachel M. Bartlett of Colorado Springs, Colo. from Henry DuBois Bartlett of Colorado Springs, Colo. for $0. The property is assessed at $2,897,900. The land bank exemption is C. 17. A house on 2.3 acres at 23 Osprey Way sold to Hummock Pond Partners, LLP, of and Rachel M. Bartlett of Colorado Springs, Colo. for $0. The property is assessed at $2,897,900. The land bank exemption is I. 18. A house on 1.9 acres at 4 Maxey Pond Road sold to Dennis R. Bonnessa,
Nantucket, Mass. from John McCarthy of Wayland, Mass. for $0. The property is assessed at $2,210,000. The land bank exemption is D. 19. A house on .23 of an acre at 334 Madaket Road sold to Ellen A. Laine of Nantucket, Mass. from Ellen A. Laine, Trustee, of Nantucket, Mass. for $0. The property is assessed at $1,097,600. The land bank exemption is D. 20. A timeshare interval, Time Period 41 in Unit C-1 in Building C at Brant Point Courtyard Condominiums on Swain Street sold to Harold S. Cutter and Judith A. Cutter of West Yarmouth, Mass. from the Estate of Heidi A. Cutter a/k/a Heidi Sue Cutter of Boston, Mass. for $0. The property’s assessed value is unavailable. The land bank exemption is E. 21. A house on .46 of an acre at 27 Evergreen Way sold to 27 Evergreen Way Cooperative, Inc. of Nantucket, Mass. from Erin M. Lemberg of Jamaica Plain, Mass. for $0. The property is assessed at $232,300. The land bank exemption is I. The Nantucket Islands Land Bank gained $143,720 in transfer tax fees for the week ending Nov. 26. To date in 2005, the Land Bank has gained an estimated total of $20,856,601.12 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.
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 $200,000). The above explanations are abbreviated because the language explaining these exemptions is too lengthy to print in this section every week. If you are curious about a certain exemption, go to the Nantucket Islands Land Bank Web site for complete information and the Land Bank’s governing bylaws: http://www.nantucketlandbank. org.
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