PROPERTY TRANSFERS
Feb. 26, 2007 - March 2, 2007
1. A two-thirds interest in a house on 1.8 acres at 75 Hulbert Ave. sold to Stephanie B. Speakman and Antonia B. Massie of Greenville, Del. from Margaretta S.B. Brokaw, Jonathan B. Bredin, Laura Hussey and Alletta Bredin-Bell of Kennett Square, Pa. for $8,333,333.33. The entire property is assessed at $12,877,8000. The land bank fee is $166,666.67.

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2. A house on .99 of an acre at 31 Sheep Pond Road sold to Solomon Kumin and Elizabeth I. Kumin of New York City, N.Y. from Shorelee, LLC, of Nantucket, Mass. for $1,350,000. The property is assessed at $738,600. The land bank fee is $27,000.

3. A house on .66 of an acre at 71 Tom Nevers Road sold to Johanna and Blake Richard of Nantucket, Mass. from Judith Lanza of Lyme, Conn. for $1,000,000. The property is assessed at $1,001,200. The land bank fee is $12,000 and the exemption is M.

4. A vacant lot on .20 of an acre at 13 Wanoma Way sold to Richard Evans, Trustee of Fighting Irish Nominee Trust of Stuart, Fla. from Edith Miller Kerrigan of Naples, Fla. and Marjory Miller Bloomfield of Farmington, Conn. for $200,000. The property is assessed at $129,500. The land bank fee is $4,000.

5. A house on .66 of an acre at 282 Madaket Road sold to Richard Touchette and Marie Dostaler of Montreal, Quebec, Canada from Donald J. Aboronian of Weston, Mass. for $15,500. The property is assessed at $664,500. The land bank fee is $310.

6. A vacant lot on .46 of an acre at 153 Surfside Road sold to Arthur I. Reade, Trustee of Woodbine Realty Trust, of Nantucket, Mass. from William S. Hough of Kalamazoo, Mich. for $8,000. The property is assessed at $553,000. The land bank fee is $160. 7. A house on 2.2 acres at 12 South Pasture Lane sold to David E. Webster, Jr. and Malcolm S. Brooks of Nantucket, Mass. from Angawi Realty Trust, David E. Webster, Jr., Trustee, of Nantucket, Mass. for $10. The property is assessed at $897,500. The land bank exemption is D.

8. A dwelling unit, Unit 242, at 27 Macy's Lane sold to Paul Purchia and Barbara Purchia, Trustees, of Bedford, Mass. from Paul Purchia and Barbara Purchia of Bedford, Mass. for $1. The property's assessed value is unavailable. The land bank exemption is D.

9. A house on .13 of an acre at 8 South Mill St. sold to South Mill, LLC, c/o Joseph C. Hartman of Brooklyn, N.Y. from Joseph C. Hartman of Brooklyn, N.Y. for $0. The property is assessed at $2,006,000. The land bank exemption is C.

The Nantucket Islands Land Bank gained

$210,136.67 in transfer tax fees for the week ending March 3. For 2007, the Land Bank gained an estimated total of $2,229,329.59 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