PROPERTY TRANSFERS

1. A house on .22 of an acre at 93 Main St. sold to Far Horizon, LLC, of Miami, Fla. from 93 Main Nantucket, LLC, of Boston, Mass. for $10,500,000. The property is assessed at $6,665,200. The land bank fee is $210,000. 2. A vacant lot on 31.7 acres at 10 Quidnet Road sold to the Nantucket Islands Land Bank of Nantucket, Mass. from Trotts Hills Realty Trust, Peter R. Fenn, Trustee, of Jamaica Plain, Mass. for $3,000,000. The property is assessed at $7,350,900. The land bank exemption is A. 3. A house on .10 of an acre at 19 East Lincoln Ave. sold to Oliver T. Carr, III and Bonnie L. Carr of Potomac, Md. from George J. Smith and June M. Smith of Nantucket, Mass. for $1,500,000. The property is assessed at $1,060,400. The land bank fee is $30,000.

1 4. A house on .11 of an acre at 37 Washaman Ave. sold to John N. Tiffany and Karen N. Tiffany of Huntley, Ill. from Carol F. Cantavero and Marilou Cantavero of Greenwich, Conn. for $1,240,000. The property is assessed at $852,500. The land bank fee is $24,800.

5. Aduplex half on .08 of an acre at 6B Park Circle sold to Michael Gregory Mehringer of Nantucket, Mass. from Joseph Senatore of Lincoln Park, N.J. for $550,000. The property's assessed value is unavailable. The land bank fee is $3,000 and the exemption is M.

2 6. A timeshare period, Interval 7 at 11 Arkansas Ave. sold to the Tristram's Group, Inc. of Nantucket, Mass. from Robert H. Elman and Sylvia Elman of Nashville, Tenn. for $13,500. The property's assessed value is unavailable. The land bank fee is $270.

7. A house on .46 of an acre at 5 Tetawkimmo Drive sold to Michael G. Bloomberg and Ellen J. Shapiro of Lexington, Mass. from Michael G. Bloomberg and Ellen J. Shapiro of Jamaica Plain, Mass. for $1. The property is assessed at $2,024,000. The land bank exemption is B.

8. A house on .93 of an acre at 15 Long Pond Drive sold to Gerald G. Garbacz Personal Residence Trust () and Jane S. Garbacz Personal Residence Trust (), of Riva, Md. from Gerald G. Garbacz and Jane S. Garbacz of Riva, Md. for $0. The property is assessed at $1,104,600. The land bank exemption is C.

9. A vacant lot on 31.7 acres at 10 Quidnet Road sold to Trotts Hills Realty Trust, Peter R. Fenn, Trustee, of Jamaica Plain, Mass. from the Nantucket Land Council, Inc. of Nantucket, Mass. for $0. The property is assessed at $7,350,900. The land bank exemption is D. 10. A house on .36 of an acre at 64 Union St. sold to Anita Nettles Stefanski, Trustee of the Nettles Family Nominee Trust of Nantucket, Mass. from James Nettles of Nantucket, Mass. for $0. The property is assessed at $1,402,900. The land bank exemptions are C and D.

3 The Nantucket Islands Land Bank gained $268,070 in transfer tax fees for the week ending April 28. For 2007, the Land Bank gained an estimated total of $4,785,854.13 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.

4 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. I