PROPERTY TRANSFERS
Oct. 16, 2006 - Oct. 20, 2006
1. A vacant lot on 4.04 acres at Sesachacha Pond sold to Stuart Kaperst, Trustee of Churchill- Crowell Nominee Trust of Bernardsville, N.J. from Bryan Webb, Trustee of Sesachacha Nominee Trust of New York City, N.Y. for $5,000,000. The property is assessed at $3,690,400. The land bank fee is $100,000. 2. Ahouse on .16 of an acre at 8 Aurora Way sold to John Kitchener and Nancy Ann Kitchener, as Trustees of 8 Aurora Way Nominee Trust of New Canaan, Conn. from Richard J. Glidden and Daniel A. Barber, Trustees of Shell Seekers Realty Trust of Nantucket, Mass. for $1,875,000. The property's assessed value is unavailable. The land bank fee is $37,500. 3. A house on .32 of an acre at 132 Somerset Road sold to Raymond J. Ruffino and Jean Marie J. Ruffino of Tuxedo Park, N.Y. from John E. Pomeranz and Linda S. Pomeranz of Nantucket, Mass. for $1,547,500. The property is assessed at $1,634,200. The land bank fee is $30,950. 4. A house on a portion of 2.4 acres at 78 Skyline Drive sold to Raymond and Kimberly Symer of Nantucket, Mass. from Suzanne Carver of Brookeland, Texas for $1,125,000. The property is assessed at $1,453,400. The land bank fee is $22,500. 5. Ahouse on .17 of an acre at 9 Tashama Lane sold to 9 Tashama Lane Realty Trust of New York City, N.Y. from Charles J. Hollon and Nancy S. Hollon of Nantucket, Mass. for $725,000. The property is assessed at $514,900. The land bank fee is $14,500. 6. A house on .10 of an acre at 28 North Water St. sold to Jeffrey R. Norkin and Judith E.S. Norkin, as Trustees of the Amendment and Restatement of the Jeffrey R. Norkin Revocable Trust Indenture of Newtown, Conn. from Jeffrey R. Norkin and Judith E.S. Norkin, as Trustees of the (a) the Jeffrey R. Norkin Revocable Trust and (b) Judith E.S. Norkin Norkin Revocable Trust of Newtown, Conn. for less than $100. The property is assessed at $1,992,200. The land bank exemption is C. 7. A house on .28 of an acre at 28 Tennessee Ave. sold to Stephen P. Rowley et al of Walpole, Mass. from Shirley M. Rowley, Trustee, of Millis, Mass. for $1. The property is assessed at $2,050,800. The land bank exemption is C. 8. A house on .16 of an acre at 17 South Cambridge St. sold to Geraldine B. Sanderson, Caroline Sanderson-Morris and J. Nicole Sanderson of Greenwich, Conn. from Geraldine B. Sanderson of Greenwich, Conn. for $1. The property is assessed at $413,500. The land bank exemption is C. 9. Ahouse on .18 of an acre at 4 Newtown Road sold to Elizabeth DaSilva and Gary DaSilva of Nantucket, Mass. from Katherine V. Terry of Nantucket, Mass. for $0. The property is assessed at $544,100. The land bank exemption is B.

10. A condominium unit, Unit 1, at 78 Skyline Drive sold to Michael E. Ray and Teresa M. Ray of Nantucket, Mass. from Suzanne M. Carver (f/k/a Suzanne M. Parks) of Nantucket, Mass. for $0. The property's assessed value is unavailable. The land bank fee exemption is B. 11. A house, Unit 2, at 78 Skyline Drive sold to Suzanne M. Carver of Nantucket, Mass. from Michael E. Ray and Teresa M. Ray of Nantucket, Mass. for $0. The property's assessed value is unavailable. The land bank exemption is F. 12. A house on .25 of an acre at 6 New Lane sold to Linda L. Crowley and Bonita L. Jones of Cumberland, Maine from Linda L. Crowley and Bonita L. Jones of Cumberland, Maine for $0. The property is assessed at $842,500. The land bank exemption is E.

The Nantucket Islands Land Bank gained $205,450 in transfer tax fees for the week ending Oct. 21. For 2006, the Land Bank gained an estimated total of $14,468,463.24 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.

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