PROPERTY TRANSFERS
Nov. 27, 2006 - Dec. 1, 2006
1. A house on 2.5 acres at 107 Madaket Road sold to Daniel R. Brownell and Kelley A. Laurel of Sudbury, Mass. from Michael T. and Elisa Allen of Nantucket, Mass. for $5,025,000. The property is assessed at $3,675,700. The land bank fee is $100,500.

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2. A house on .12 of an acre at 3 Kite Hill Lane sold to Carol S. Geisenheimer of Tenafly, N.J. from Lori Goodman of Chevy Chase, Md. for $2,100,000. The property is assessed at $1,716,800. The land bank fee is $42,000.

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3. A house on .13 of an acre at 4 Magnolia Ave. sold to Todd Glaser and Kim Glaser of Miami Beach, Fla. from Mary Torrence and Corey Torrence of Wellesley, Mass. for $1,850,000. The property is assessed at $1,593,800. The land bank fee is $37,000.

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to Mercedes Ramirez of Nantucket, Mass. from Francis M. Hanlon of Nantucket, Mass. for $925,000. The property is assessed at $785,300. The land bank fee is $10,500 and the exemption is M.

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5. A house on .47 of an acre at 2 Seven Mile Lane sold to Lora Price of New York City, N.Y. from Robert G. Atkins of Concord, Mass. for $910,000. The property is assessed at $464,600. The land bank fee is $18,200.

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6. A house at 40B Nobadeer Farm Road sold to

Susan McRae of Acton, Mass. from Nantucket Properties, LLC, of Sherborn, Mass. for $760,000. The property's assessed value is unavailable. The land bank fee is $15,200.

7. A house on .26 of an acre at 11 Alexandia Drive sold to Stephen J. Kotolac of Nantucket, Mass. from Evelyn Jones of Nantucket, Mass. for $755,000. The property is assessed at $622,100. The land bank fee is $15,100.

8. A house, Unit G on .28 of an acre at 42 Nobadeer Farm Road sold to James Blair Harden and Wei-Fon Ammie Harden of Milford, Mass. from Nantucket Properties, LLC, of Sherborn, Mass. for $735,000. The property's assessed value is $435,000. The land bank fee is $14,700.

9. A timeshare interval, Period 30 in Unit A-4 at Brant Point Courtyard Condominium on Swain Street sold to Carolyn Day and Patricia Day of Needham, Mass. from Peter G. Trafton and Gail C. Trafton of Quincy, Mass. for $17,500. The property's assessed value is unavailable. The land bank fee is $350.

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10. A vacant lot on .02 of an acre at 40B Shell St. sold to Richard Duncan and Cherie Duncan of Siasconset, Mass. from Thomas E. Meehan of New York City, N.Y. for $16,000. The property is assessed at $720,000. The land bank fee is $320.

11. A house on 2.6 acres at 123 Hummock Pond Road sold to Robert W. McGrady of Nantucket, Mass. from Robert W. and Theresa McGrady of Nantucket, Mass. for $0. The property is assessed at $909,500. The land bank exemption is K.

12. A house on .43 of an acre at 54 Starbuck Road sold to Patrick J. O'Brien, Trustee of Patrick J. O'Brien Trust of Los Angeles, Calif. from Patrick J. O'Brien of Los Angeles, Calif. for $0. The property is assessed at $1,059,800. The land bank exemption is D.

13. Ahouse on 1.01 acres at 14 East Creek Road sold to Charles Rosen, Michael B. Rosen and Elizabeth Reiniger of Nantucket, Mass. from Charles Rosen, Michael B. Rosen and Elizabeth Reiniger, Trustees of a Trust Agreement f/b/o Leo Rosen of Nantucket, Mass. for $0. The property is assessed at $2,115,900. The land bank exemption is D. 14. A vacant lot on 4.2 acres and 7.7 acres at 135 and 137 Eel Point Road, respectively, sold to Samuel C. Sichko, Eric Frost and George Frost, Trustees of Calm Water Trust of New York City, N.Y. from Samuel C. Sichko, Trustee of Frost Family North Shore Trust of New York City, N.Y. for $0. The properties are assessed at $8,027,500 and $9,466,800, respectively. The land bank exemption is D.

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The Nantucket Islands Land Bank gained $253,870 in transfer tax fees for the week ending Dec. 2. For 2006, the Land Bank gained an estimated total of $16,860,253.26 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 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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