PROPERTY TRANSFERS
May 7, 2007 - May 11, 2007
1. A house on .19 of an acre at 6 Lincoln St., Siasconset sold to Kathleen Hoyt Ridder Crampton, Trustee, of Lake Geneva, Wis. from William Obremski and Audrey Obremski of Nantucket, Mass. for $1,647,250. The property is assessed at $1,463,200. The land bank fee is $32,945. 2. A house on .35 of an acre at 2 Waydale Road sold to David Glowacki, II of Nantucket, Mass. from Doris J. Lennon, Trustee of Lennon Family Trust of Tamarac, Fla. for $650,000. The property is assessed at $668,400. The land bank fee is $5,000 and the exemption is M. 3. A house on .57 of an acre at 111 Hummock Pond Road sold to Stephen P. Salvatore of Milford, Conn. from Robert Dawson and Margaret Dawson of Sudbury, Mass. for $632,150. The property is assessed at $779,700. The land bank fee is $12,463. 4. A condominium unit at 1B Park Circle sold to Jennifer E. Annand of Nantucket, Mass. from Cliff Ackquistions LLC, of Nantucket, Mass. for $475,000. The property's assessed value is unavailable. The land bank fee is $9,500.

5. A house on .45 of an acre at 1 Equator Drive sold to Mikilai Mardakhayu and Valeryia Stashkevich of Nantucket, Mass. from Katherine C. Nelson and Neill G. Nelson, Trustees, of Glen Allen, Pa. for $420,000. The property is assessed at $853,800. The land bank fee is $400 and the exemption is M.

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6. A timeshare interval on 2.1 acres on Starbuck Road (AKA Starbuck #751) sold to Irene T. Pelak, Trustee of Pelak Realty Trust of Franklin Lakes, N.J. from Alejandro and Debbie, and Marcelo and Marcie Modica of Norwalk, Conn. for $27,000. The property's assessed value is unavailable. The land bank fee is $540.

7. A house on .08 of an acre at 15 Union St. sold to Richard R. Wackenhut of Jupiter, Fla. from Marie Wackenhut of Jupiter, Fla. for $10, and love and affection. The property is assessed at $2,168,600. The land bank exemption is C.

8. A house on .14 of an acre at 3 Cherry St. sold to Robert Ian Realty Trust, Michael J. Wilson, Trustee, of Nantucket, Mass. from Yumbob Realty Trust, Michael J. Wilson, Trustee, of Nantucket, Mass. for $1. The property is assessed at $865,200. The land bank exemption is D.

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9. A house on .11 of an acre at 8 First Way sold to James W. Klimas, Sr. and James W. Klimas, Jr. of Nantucket, Mass. from 6 First Way Nantucket Trust of Nantucket, Mass. for $0. The property is assessed at $900,600. The land bank fee exemption is D.

10. A house on .49 of an acre at 14 Equator Drive sold to Laurel E. Long of Nantucket, Mass. from Jamie Kane and Laurel E. Long of Nantucket, Mass. for $0. The property is assessed at $1,126,000. The land bank exemption is K.

11. A business at 58C Main St. sold to Narwahl Development, LLC, of Nantucket, Mass. from Casey C. Roberts and Garret Roberts of East Greenwich, Conn. for $0. The property is assessed at $780,300. The land bank exemption is C.

12. A house on .08 of an acre at 14 Pleasant St. sold to George F. Korn, Trustee of the George F. Korn Living Trust and Richard Kemble, Trustee of the Richard Kemble Living Trust of Key West, Fla. from George F. Korn and Richard Kemble of Key West, Fla. for $0. The property is assessed at $1,852,800. The land bank exemption is D.

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13. Ahouse on 1.2 acres at 123 Cliff Road sold to Karen N. Tell and Catherine Romer, Trustees of the Karen N. Tell Revocable Trust of Wilton, Conn. from Karen Tell of Wilton, Conn. for $0. The property is assessed at $2,914,200. The land bank exemption is D.

14. A vacant lot at 8 Corby Way sold to Henry M. Mintz and Barbara A. Mintz of Newburyport, Mass. from Barbara A. Mintz of Newburyport, Mass. for $0. The property's assessed value in unavailable. The land bank exemption is C.

The Nantucket Islands Land Bank gained $62,848 in transfer tax fees for the week ending May 12. For 2007, the Land Bank gained an estimated total of $5,158,352.13 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 firsttime 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.