PROPERTY TRANSFERS
Jan.15, 2007 - Jan. 19, 2007
1. Ahouse on .82 of an acre at 33 Low Beach Road sold to Richard G. Hajjar of Duxbury, Mass. from Great Pond Development, LLC, Series E, of Nantucket, Mass. for $8,400,000. The property is assessed at $2,345,900. The land bank fee is $168,000. 2. A house on .40 of an acre at 118 Main St. sold to Herbert Mittenthal and Miriam Mittenthal of Nantucket, Mass. from Andrew J. Cooley and Mary B. Cooley of The Plains, Va. for $5,300,000. The property is assessed at $3,614,100. The land bank fee is $106,000. 3. Ahouse on 2.8 acres at 5 Eat Fire Springs Road sold to S. Roy Kapani and Manisha D. Kapani of McLean, Va. from Stephen B. Meister of New York City, N.Y. for $5,250,000. The property is assessed at $4,305,800. The land bank fee is $105,000. 4. A house on .46 of an acre at 4 Underhill Lane sold to Philip Hadley and Nicole C. Hadley of Riverside, Conn. from Richard Hajjar of Duxbury, Mass. for $3,900,000. The property is assessed at $3,329,800. The land bank fee is $78,000. 5. A house on .43 of an acre at 19 Tetawkimmo Drive sold to Joanne J. Parr of Darien, Conn. from Gravello, LLC, a Massachusetts Limited Liability Company, of Southfield, Mass. for $1,965,000. The property is assessed at $1,933,000. The land bank fee is $39,300. 6. A house on 1.9 acres at 29 Devon St. sold to Carl Nielsen of Wayne, N.J. from Angela F. Allen of Nantucket, Mass. for $1,050,000. The property is assessed at $785,800. The land bank fee is $21,000. 7. A house on .28 of an acre at 9 Fisher's Landing Road sold to Dennis Stone of Nantucket, Mass. from Susan B. Barnes of Sudbury, Mass. for $950,000. The property is assessed at $752,500. The land bank fee is $19,000.

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8. A house at 10A Thirty Acres Lane sold to Francis C. Hunter and Ann Marie Hunter of Nantucket, Mass. from Tigertail Realty Trust, H. Flint Ranney and Charron P. Ranney, trustees, of Nantucket, Mass. for $599,000. The property's assessed value is unavailable. The land bank fee is $11,980.

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9. A house, Unit 2, on .51 of an acre at 8 Somerset Lane sold to Kerry Kennedy Flynn of Nantucket, Mass. from Neeltje U. Westerlund of Nantucket, Mass. for $350,000. The property is assessed at $847,800. The land bank exemption is M.

10. A house on .50 of an acre at 5 Todd Circle sold to the James Steven Murphy Trust and Joanne S. Murphy Trust of Nantucket, Mass. from Joann Murphy of Nantucket, Mass. for $1. The property is assessed at $946,900. The land bank exemption is D

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11. A house on 9.0 acres at 12 Squam Road sold to SLAN, LLC, a Delaware Limited Liability Company, of Fargo, N.D. from Spencer V.B. Wilking, Andrew B. Wilking, Leo F.J. Wilking and Elionora W. Silbersack of Fargo, N.D. for $1. The property is assessed at $3,554,800. The land bank exemption is I.

12. A house on 4.1 acres at 16 Squam Road sold to SLAN, LLC, a Delaware limited Liability Company, of Fargo, N.D. from Spencer V.B. Wilking, Andrew B. Wilking, Leo F.J. Wilking and Elionora W. Silbersack of Fargo, N.D. for $1. The property is assessed at $2,939,400. The land bank exemption is I.

13. A house on 1.8 acres at 11 Eel Point Road sold to Robert L. Simmons Nominee Trust of Delray, Beach, Fla. from Robert L. Simmons of Delray Beach, Fla. for $1. The property is assessed at $3,532,300. The land bank exemption is D.

14. A vacant lot at 149 Hummock Pond Road sold to Donovan Realty Trust of Nantucket, Mass. from Nanahumacke Preservation Nominee Trust of Nantucket, Mass. for $0. The property's assessed value is unavailable. The land bank exemption is F.

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15. A house on 1.1 acres at 26 Masaquet Ave. sold to Deborah R. Christian and Edward Christian of Nantucket, Mass. from Deborah R. Christian of Nantucket, Mass. for $0. The property is assessed at $1,591,000. The land bank exemption is C.

The Nantucket Islands Land Bank gained $548,280 in transfer tax fees for the week ending Jan. 20. For 2007, the Land Bank gained an estimated total of $1,166,828.92 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

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visit the office at 22 Broad St. I

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