PROPERTY TRANSFERS
Oct. 29, 2007 ~ Nov. 2, 2007
3. Avacant lot on 1.2 acres at 125 Cliff Road sold to Sand & Weed, LLC, of New York City, N.Y. from Karen N. Tell of Wilton, Conn. for $2,100,000. The property is assessed at $2,465,900. The land bank fee is $42,000. 8. A house on .46 of an acre at 48 Meadow View Drive sold to Neil E. Mattila and Andrea L. Mattila of Nantucket, Mass. from Susan Fernald of Hyannis, Mass. for $800,000. The property is assessed at $984,800. The land bank fee is $8,000 and the exemption is M.

1. A house on 3.06 acres at 133 Polpis Road sold to Band B, LLC, of Nantucket, Mass. from Owen B. Pickus of Westbrook, Maine for $4,050,000. The property is assessed at $2,677,200. The land bank fee is $81,000.

9. A house on .92 of an acre at 357 Madaket Road sold to David A. Emery and Beatrice L. Emery, Trustees u/a by David A. Emery dated May 4, 2007, of Greenwich, Conn. from David A. Emery of Greenwich, Conn. for $0. The property is assessed at $885,600. The land bank exemption is D.

10. A house on 1.05 acres at 25 Long Pond Drive sold to John E. Williams and Kathleen C. Williams, Trustees of the Kathleen C. Williams 2007 Revocable Trust of North Easton, Mass. from Kathleen C. Williams of North Easton, Mass. for $0. The property is assessed at $1,235,700. The land bank exemptions are D and C.

2. Ahouse on .89 of an acre at 2 Lyford Road sold to William A. Slaughter and Martha Slaughter of Philadelphia, Pa. from Joseph A. Fine and Elane R. Fine of Jamaica Plain, Mass. for $2,250,000. The property is assessed at $2,013,900. The land bank fee is $45,000.

The Nantucket Islands Land Bank gained $270,650 in transfer tax fees for the week ending Oct. 27. For 2007, the Land Bank gained an estimated total of $14,123,258.41 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.

4. Ahouse on 3.9 acres at 3 Tom Nevers Road sold to Michael J. Merullo of Revere, Mass. from John Falcetta of Nantucket, Mass. for $2,000,000. The property is assessed at $1,326,400. The land bank fee is $40,000.

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).

5. Ahouse and a vacant lot on .40 of an acre and .12 of an acre at 6 West Miacomet Ave. and 6A West Miacomet Ave., respectively, sold to the Nantucket Islands Land Bank of Nantucket, Mass. from Ronald K. Bamber of Nantucket, Mass. for $1,950,000. The properties are assessed at $1,338,800 and $540,600, respectively. The land bank exemption is A.

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

6. Ahouse on 1.6 acres at 14 Wood Hollow Road sold to Joan McDermott and Victoria McDermott of New York City, N.Y. from 14 Wood Hollow, LLC, of Wilmington, N.C. for $1,562,500. The property is assessed at $1,439,700. The land bank fee is $31,250. 7. A house on 2.2 acres at 10R Skyline Drive sold to Dennis Erickson of Boston, Mass. from Peter S. Sendelbach and Alison C. Sendelbach of Nanutcket, Mass. for $1,170,000. The property is assessed at $1,680,500. The land bank fee is $23,400.