PROPERTY TRANSFERS
June 26, 2006 - June 29, 2006
4. A house on .16 of an acre at 6 Fayette St. sold to Douglas Foregger of Nantucket, Mass. from Horseshoe Too, LLC, of Nantucket, Mass. for $1,385,000. The property is assessed at $1,121,400. The land bank fee is $27,700. 6. A house on 1.8 acres at 36 Lyons Lane sold to The Howard Family Trust, B. Eileen Howard, Initial Trustee, of Nantucket, Mass. from Romelee A. Howard and B. Eileen Howard of Nantucket, Mass. for $1. The property is assessed at $1,010,500. The land bank exemption is D. 7. A house on .13 of an acre at 46 Pleasant St. sold to Carvalho Investment Associates, LP, of East Providence, R.I. from Barbara Carvalho of East Providence, R.I. for $1. The property is assessed at $1,530,500. The land bank exemption is C. 8. A house on .46 of an acre at 3 Meadow View Drive sold to Eric Silfen of New York City, N.Y. from Marilyn Silfen of New York City, N.Y. for $0. The property is assessed at $1,226,000. The land bank exemption is C. 9. A house on .10 of an acre at 10 Beaver St. sold

to Ray A. Sylvia, Trustee of Ray A. Sylvia Revocable Trust and Celeste Converse Sylvia, Trustee of Celeste Converse Sylvia Revocable Trust u/d/t 5/3/2006 of Nantucket, Mass. for $0. The property is assessed at $890,200. The land bank exemption is D. 10. Ahouse on .60 of an acre at 2 East Hallowell Lane sold to Judith N. Norris, Susan M. Reed and Patricia M Dolyak of Somerville, Mass. from Jeffrey, Dobrzynski of Rumson, N.J. for $0. The property is assessed at $2,043,300. The land bank exemption is B.

1. A vacant lot on 12.7 acres on Barnard Valley Road sold to Longfin, LLC, a Massachusetts limited liability company, of Norfolk, Va. from Holdgate & Colletti Constructuction, Inc. of Nantucket, Mass. for $7,084,632. The property is assessed at $2,165,800. The land bank fee is $141,692.64.

The Nantucket Islands Land Bank gained $282,392.64 in transfer tax fees for the week ending July 1. For 2006, the Land Bank gained an estimated total of $8,967,464.75 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.

2. A house on .17 of an acre at 38 Pleasant St. sold to Nancy E. Harbert of Boxford, Mass. from Frank J. Rovinski of New York City, N.Y. for $2,975,000. The property is assessed at $2,197,000. The land bank fee is $59,500.

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 $200,000).

3. Ahouse on .21 of an acre at 27 Sankaty Road sold to 27 Sankaty, LLC, of Boston, Mass. from Hudson Holland, III and John Fuller Holland of Shelburne, Vt. for $2,375,000. The property is assessed at $1,250,600. The land bank fee is $47,500.

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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5. A house on .18 of an acre at 27 Essex Road, Unit A, sold to Elizabeth A. Shannon of Nantucket, Mass. from Peter Van Dingstee and Barbara L. Van Dingstee of Nantucket, Mass. for $810,000. The property is assessed at $685,000. The land bank fee is $16,000.