PROPERTY TRANSFERS
April 9, 2007 - April 14, 2007
1. A vacant lot on .93 of an acre and .93 of an acre at 13 Sun Island Road and 15 Sun Island Road, respectively, sold to Arrowhead Archaeology Corporation of Nantucket, Mass. from J. Bruce MacGregor of Brewster, Mass. for $2,700,000. The properties are assessed at $717,000 and $717,000, respectively. The land bank fee is $54,000. 2. A house on .06 of an acre at 5 Farmer St. sold to Mary A. Gamba, Trustee, The Shadow Nominee Trust of Hillsborough, Calif. from Mary Ellen Ferrel of Long Meadow, Mass. for $2,400,000. The property is assessed at $1,407,100. The land bank fee is $48,000. 3. A vacant lot, Lot 16, at Nanahumacke Preserve at 149 Hummock Pond Road sold to Karen H Falck of Stonington, Conn. from Nanahumacke Preserve Nominee Trust of Nantucket, Mass. for $1,050,000. The property's assessed value is unavailable. The land bank fee is $21,000.

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4. A house on .15 of an acre at 18 Boynton Lane sold to Ryan Chadwick of Nantucket, Mass. from Eileen B. Huff and Jeffrey Kaschuluk, as trustees, of Nantucket, Mass. for $1,000,000. The property is assessed at $901,900. The land bank fee is $12,000 and the exemption is M.

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5. Acondominium unit, Unit Aon .11 of an acre at 46 Macy Lane Condominium at 46A Macy Lane sold to Antonio A. Couto of New Bedford, Mass. from Paul Caggiano and Mark Ceppi of Hyannis, Mass. for $515,000. The property's assessed value is unavailable. The land bank fee is $10,300.

6. A condominium, Unit 2, at 95 Orange St. sold to Judith A. Nace, Trustee of the Nace Family Trust of Naples, Fla. from Cheryl A. Emery and Christopher D. Emery of Nantucket, Mass. for $510,000. The property is assessed at $485,200. The land bank fee is $10,200.

7. A vacant lot on .93 of an acre and .93 of an acre at 13 Sun Island Road and 15 Sun Island Road, respectively, sold to Arrowhead Archeology Corporation of Nantucket, Mass. from Dennis Egan of Nantucket, Mass. for $300,000. The properties are assessed at $717,000 and $717,000, respectively. The land bank fee is $6,000.

8. Atimeshare period, Interval #4 on .54 of an acre at 69 Starbuck Road sold to Donna and Mack Christianson of Dudley, Mass. from Prescott E. Wright of Forestdale, Mass. for $7,200. The property's assessed value is unavailable. The land bank fee is $144.

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9. A house on 1.6 acres at 3 Juniper Hill Road sold to Bernard L. Swain and Paula M. Swain of McLean, Va. from Bernard L. Swain and Paula M. Swain of McLean, Va. for $1. The property is assessed at 6,006,600. The land bank exemption is C. 10. Ahouse on .46 of an acre at 17 Daffodil Lane sold to the 17 Daffodil Lane Cooperative, Inc. of Nantucket, Mass. from Daniel Kinsella of Nantucket, Mass. for $0. The property is assessed at $1,862,300. The land bank exemption is I.

11. Ahouse on .46 of an acre at 17 Daffodil Lane sold to Daniel Kinsella of Nantucket, Mass. of Nantucket, Mass. from Daniel Kinsella of Nantucket, Mass. for $0. The property is assessed at $1,862,300. The land bank exemption is I.

12. Ahouse on .46 of an acre at 17 Daffodil Lane sold to Catherine A. Kinsella as Guardian for Ellen B. Kinsella of Nantucket, Mass. of Nantucket, Mass. from Daniel Kinsella of Nantucket, Mass. for $0. The property is assessed at $1,862,300. The land bank exemption is C. Daniel Kinsella of Nantucket, Mass.

13. Ahouse on .58 of an acre at 44 Nonantum Ave. sold to Eugene C. Stone, Trustee, of Nantucket, Mass. from Eugene C. Stone and Agnes E. Stone of Nantucket, Mass. for $0. The property is assessed at $1,384,900. The land bank exemption is D.

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14. Vacant lots, Lots 55 and 56 on .93 of an acre and .93 of an acre, respectively, on Sun Island Road sold to Dennis Egan of Nantucket, Mass. from J. Bruce MacGregor, Trustee, Nantucket Sun Nominee Trust of Hyannis, Mass. for a nominal fee. The properties are assessed at $717,000 and $717,000, respectively. The land bank exemption is D.

15. Vacant lots, Lots 55 and 56 on .93 of an acre and .93 of an acre, respectively, on Sun Island Road sold to J. Bruce MacGregor of Hyannis, Mass. from J. Bruce MacGregor, Trustee, Nantucket Sun Nominee Trust of Hyannis, Mass. for a nominal fee. The properties are assessed at $717,000 and $717,000, respectively. The land bank exemption is D.

16. A house on 3.1 acres at 14 Eat Fire Springs Road sold to John Esposito of New York City, N.Y. from John Esposito and Hollis Esposito of New York City, N.Y. for $0. The property is assessed at $2,000,900. The land bank exemption is K. 17. A house on .23 of an acre at 9 Cedar Circle sold to Anne Kronenberg of Nantucket, Mass. from Anne Kronenberg, Trustee of Kronenberg Realty Trust of Nantucket, Mass. for $0. The property is assessed at $738,700.

The Nantucket Islands Land Bank gained $161,644 in transfer tax fees for the week ending April 14. For 2007, the Land Bank gained an estimated total of $4,182,199.79 in transfer fees. Land bank income is derived mostly from the collection of a twopercent 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.