PROPERTY TRANSFERS
Feb. 19, 2007 - Feb. 23, 2007
1. A house on 1.1 acres at 38 Flintlock Road sold to Nicholas R. Smith and Deborah J. Jacobs of Washington, D.C. from Gary S. McBournie and William Richards of Boston, Mass. for $1,625,000. The property is assessed at $1,033,600. The land bank fee is $32,500. 2. A house on .17 of an acre at 18 New St. sold to Iliya Simeonov of Nantucket, Mass. from David J. Schwartz of Boston, Mass. for $900,000. The property is assessed at $699,200. The land bank fee is $10,000 and the exemption is M.

3. A timeshare period, Interval 14 on .66 of an acre at 282 Madaket Road sold to Richard Touchette and Marie Dostaler of Mirabel, Quebec, Canada from Five K Realty Trust, u/d/t dated 7-31- 1999 registered as Document #86077 at Nantucket Registry of Deeds, of Nantucket, Mass. for $11,000. The property is assessed at $664,500. The land bank fee is $220.

4. A house on .14 of an acre at 2 Ipswich St. sold to Philip J. Corp of Acton, Mass. from Philip J. Corp and Christy White of Acton, Mass. for $1. The property is assessed at $652,300. The land bank exemption is C.

5. A house on 10.3 acres at 190 Madaket Road sold to Edith F. Andrews of Nantucket, Mass. from Edith F. Andrews and Virginia F. Andrews, Trustees of the Andrews Nominee Trust of Nantucket, Mass. for $0. The property is assessed at $2,023,000. The land bank exemption is C.

6. A house on 10.3 acres at 190 Madaket Road sold to Edith F. Andrews and Virginia F. Andrews of Nantucket, Mass. from Edith F. Andrews of Nantucket, Mass. for $0. The property is assessed at $2,023,000. The land bank exemption is C.

7. Ahouse on .56 of an acre at 100 Cliff Road sold to Walter M. Pile, Jr. and Mary Jane Patrone, Trustees of the 100 Cliff Road Realty Trust of Chestnut Hill, Mass. from Walter M. Pile, a/k/a Walter M. Pile, Jr., and Mary Jane Patrone of Chestnut Hill, Mass. for $0. The property is assessed at $2,347.800. The land bank exemption is D.

8. A business on .18 of an acre at 27 Easy St. sold to Joseph V. Arno of Nantucket, Mass. from Joseph V. Arno and Kenneth A. Gullicksen, Trustees of Joseph V. Arno Nominee Trust of Nantucket, Mass. for $0. The property is assessed at $2,621,000. The land bank exemption is D.

9. A house on 2.1 acres at 8 Almanack Pond Road sold to Squantum Farm Family Limited Partnership of Skillman, N.J. from Keith W. Keidel, Gladys C. Keidel, Sharon K. Piech, Jeffrey C. Keidel, Joyce J. Keidel and Janice Keidel Fletcher of Skillman, N.J. for $0. The property is assessed at $1,561,600. The land bank exemption is I.

The Nantucket Islands Land Bank gained $42,720 in transfer tax fees for the week ending Feb. 24. For 2007, the Land Bank gained an estimated total of $2,019,192.92 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