PROPERTY TRANSFERS
TRANSFERS April 22, 2006 - April 26, 2006
1. A house on .12 of an acre at 4 Cottage Ave. sold to Dahlia Associates, LLC, of Boston, Mass. from John V. Shea of Siasconset, Mass. for $2,775,000. The property is assessed at $1,413,900. The land bank fee is $55,000. 2. A house on .11 of an acre at 277 Madaket Road sold to Glen K. Williams and Margaret J. Gillis of Rexford, N.Y. from James F. Gately, Trustee, 277 Madaket Trust c/o Mason & Martin, LLP, of Wellesley, Mass. for $1,125,000. The property is assessed at $1,188,300. The land bank fee is $22,500. 3. A house on .18 of an acre at 14 Devon St. sold to Patrice E. Cuddy of Wenham, Mass. from Kenneth Withrow and Deborah Withrow of Nantucket, Mass. for $1,050,000. The property is assessed at $808,700. The land bank fee is $21,000. 4. A house on .12 of an acre at 96 Orange St. sold to D. Eric McKechnie, Trustee of Ninety-Six Orange Nominee Trust of Nantucket, Mass. from Nantucket Island Resorts, LLC, of Newton, Mass. for $1,000,000. The property is assessed at $1,585,200. The land bank exemption is B. 5. A house on .36 of an acre at 8 Anna Drive sold to Jose M. Cisneros of Nantucket, Mass. from Richard Freed and Mary Jean Freed of Nantucket, Mass. for $990,000. The property is assessed at $717,800. The land bank fee is $15,800 and the exemption is M. 6. A house on .48 of an acre at 10 Equator Drive sold to Jason Zinser of Nantucket, Mass. from William F. Ellis, Jr. and Max E. Nicholas, Trustee, of Nantucket, Mass. for $930,000. The property is assessed at $742,700. The land bank fee is $18,600. 7. A house on .61 of an acre at 55 Miacomet Ave. sold to Nancy C. Funderburg and Mayo R. Funderburg, II, of Nantucket, Mass. from A Eugene Palchanis, Trustee, and Sandra R. Palchanis, Trustee, of Nantucket, Mass. for $860,000 ($440,950 gift). The property is assessed at $634,500. The land bank fee is $8,381 and the exemption is C. 8. A house on .23 of an acre at 15 Pine Grove Road sold to Adam P. Smith and Anne Christe Smith of Amherst, Mass. from D&C Realty Trust udt 1/21/87 Registered Doc No. 38975 of Norwell, Mass. for $775,000. The land bank fee is $15,500.

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9. A house on .13 of an acre at 8B Witherspoon Drive sold to Vernon Street Realty Company, LLC, of Worcester, Mass. from the Sanderling Corporation of Nantucket, Mass. for $675,000. The property is assessed at $997,300. The land bank fee is $13,500.

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10. A timeshare interval in a house on .55 of

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an acre at 44 Starbuck Road sold to Mark K. Kelly of Easton, Conn. from John W. and Barbara Keilbasa of West Hartford, Conn. for $40,000. The land bank fee is $800.

11. A timeshare interval in a house on .72 of an acre at 1 Midland Ave. sold to Barbara Richard D. Saravay of Katonah, N.Y. from Barbara J. Stott, Trustee and Charles E. Stott,

Trustee, of Nantucket, Mass. for $18,000. The

property is assessed at $666,000. The land bank fee is $360.

12. A house on .59 of an acre at 284 Madaket Road sold to Lindsey R. Perry, Jr., Trustee, Five K. Realty Trust of Nantucket, Mass. from William P. Fitzgerald, Jr. and Justin Fitzgerald of New York City, N.Y. for $3,500. The property is assessed at $650,100. The land bank fee is $70.

13. A house on 1.7 acres at 1 Massasoit Bridge Road sold to Rainy Day Ventures, LLC, of Boston, Mass. from Charles H. Lindner, III, of Boston, Mass. for $1. The property is assessed at $1,008,400. The land bank exemption is I.

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14. A house on .23 of an acre at 25 Clarendon St. sold to John McGill of New York City, N.Y. from Karyl McGill of Wilton, Conn. for $0. The property is assessed at $722,100. The land bank exemption is K.

15. A house on .70 of an acre at 25 Lily St. sold to Steven Perelman of Avon, Conn. from Phyllis Perelman of Riviera Beach, Fla. for $0. The property is assessed at $796,700. The land bank exemption is C.

The Nantucket Islands Land Bank gained $171,511 in transfer tax fees for the week ending April 29. For 2006, the Land Bank gained an estimated total of $5,907,256.60 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.

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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 firsttime 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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