PROPERTY TRANSFERS
Feb. 12, 2007 - Feb. 16, 2007
1. A house on .66 of an acre at 71 Tom Nevers Road sold to Blake Richard and Johanna Richard of 'Sconset, Mass. from Judith A. Lanza of Lyme, Conn. for $1. The property is assessed at $1,001,200. The land bank exemption is C.

2. A house on 3.4 acres at 2 Driscoll Way sold to James M. Driscoll, II and Carol Jo Driscoll of Nantucket, Mass. from James M. Driscoll of Nantucket, Mass. for $1. The property is assessed at $1,136,400. The land bank exemption is $C.

3. Ahouse on 1.0 acre at 34 Long Pond Drive sold to Robert D. Bilodeau of Nantucket, Mass. from Anna- Lisa Bilodeau of Millington, N.J. for $0. The property is assessed at $1,425,800. The land bank exemption is K.

4. A house on .24 of an acre at 11 Bailey Road sold to Theresa M. Davis, Trustee of Theresa M. Davis Family Trust - 2006 of Nantucket, Mass. from Theresa M. Davis, fka Theresa M. McGrady, aka Theresa D. McGrady of Nantucket, Mass. for $0. The property is assessed at $692,400. The land bank exemption is D.

5. Ahouse on .31 of an acre at 66 Washington St. sold to Lynn Y. Wolfe, Trustee of Pioneers Nominee Trust of Covesville, Va. from Richard C. Wolfe of Covesville, Va. for $0. The property is assessed at $2,353,500. The land bank bank exemption is D.

6. A house on .88 of an acre at 11 Sesapana Road sold to Thomas P. Rouillard and Joan W. Robouillard, Trustees of the Rouillard Family 2007 Realty Trust of Nantucket, Mass. from Thomas P. Rouillard and Joan W. Robouillard of Nantucket, Mass. for $0. The property is assessed at $866,900. The land bank exemption is D. 7. A house on .99 of an acre at 67 Tom Nevers Road sold to Steinbock Properties, LLC, of Prospect, N.Y. from Beth E. Steinbock of Prospect, N.Y for $0. The property is assessed at $1,137,100. The land bank exemption is C.

8. A house on 1.7 acres at 15 Lauretta Lane sold to Horace H. Irvine, II and Cassandra H. Irvine of Boston, Mass. from Arthur I. Reade, Jr., Trustee of Lauretta Lane Realty Trust of Boston, Mass. for $0. The property is assessed at $2,436,000. The land bank exemption is D.

9. A business on .17 of an acre at 25, 26, 27, 28, 29, 30 and 31 Main St. sold to Valentine Hussey Block, LLC, of Nantucket, Mass. from John B. Chase Engine Company No. 4 and Relief Association, Inc. and others, of Nantucket, Mass. for $0. The property is assessed at $6,622,600. The land bank exemption is I.

The Nantucket Islands Land Bank gained $0 in transfer tax fees for the week ending Feb. 17. For 2007, the Land Bank gained an estimated total of $1,976,472.92 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.

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