PROPERTY TRANSFERS
Nov. 12, 2007 ~ Nov. 16, 2007
1. A house and two vacant lots on .34 of an acre, .12 of an acre and .14 of an acre at 3 Poplar St., 3.5 Poplar St. and 13 Nonantum Ave, respectively, sold to Gerald W. Schwartz of Toronto, Ontario, Canada from James P. Kelley and Marlys E. Kelley of Royalston, Mass. for $3,200,000. The properties are assessed at $966,500, $72,200 and $72,800, respectively. The land bank fee is $64,000.

2. A vacant lot on 1.1 acres at 18 Nonantum Ave. sold to James P. Kelley and Marlys E. Kelley, Co-Trustees of Seamoor Nominee Trust of Royalston, Mass. from 18 Nonantum, LLC, of Plantation, Calif. for $2,500,000. The property is assessed at $901,500. The land bank fee is $50,000.

3. A house on .12 of an acre at 6 Killdeer Lane sold to Mignon M. Mullen of Nantucket, Mass. from Francis D. Wetherill, Jr. of Blue Bell, Fla. for $959,000. The property is assessed at $1,175,800. The land bank fee is $19,180.

4. A house on 2.4 acres at 17 Greenleaf Road sold to Nathaniel Todd Becker of Hillsborough, Calif. from Bruce Redman Becker of Fairfield, Conn. for $883,333. The property is assessed at $1,861,200. The land bank fee is $17,666.

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5. A vacant lot on .99 of an acre at 19 Field Ave. sold to William M. Stephens of Nantucket, Mass. from Sarah A. Brock of the Republic of France for $550,000. The property is assessed at $608,900. The land bank fee is $11,000.

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6. A vacant lot on .34 of an acre at Rear Quidnet Road sold to Norcross Realty Trust, Valerie Sweet, Trustee, of Boston, Mass. from The First Congregational Church of Nantucket of Nantucket, Mass. for $150,000. The property's assessed value is unavailable. The land bank exemption is A.

7. A house on 1.3 acres at 79 Polpis Road sold to Nancy A. Barton, Trustee of the Barton Realty Trust of Nantucket, Mass. from Nancy A. Barton of Nantucket, Mass. for less than $100. The property is assessed at $1,863,000. The land bank exemption is D.

8. A house on .99 of an acre and .99 of an acre at 17 and 19 Field Ave., respectively, sold to William M. Stephens and Melissa D. Stephens of Nantucket, Mass. from William M. Stephens of Nantucket, Mass. for $1. The properties are assessed at $905,500 and $608,900. The land bank exemption is C.

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9. A house on .64 of an acre at 28 Main St., Siasconset, sold to Linda Mackay, Polly Arnoff, Eilleen Sonis and Arthur E. Arnoff, Jr. of Nantucket, Mass. from Marie H. Arnoff, Trustee of the Marie H. Arnoff Revocable Trust of Conn. for $0. The property is assessed at $2,447,300. The land bank exemption is C.

10. A house on .23 of an acre at 9 Cedar Circle sold to Anne Kronenburg, Trustee, Kronenburg Realty Trust of Nantucket, Mass. from Anne Kronenburg of Nantucket, Mass. for $0. The property is assessed at $858,600. The land bank exemption is D.

11. A house on 3 acres at 7 Parson Lane sold to John Joseph Hale, Jr. of Naples, Fla. from Linda D. Hale of Naples, Fla. for $0. The property is assessed at $1,440,800. The land bank exemption is C.

12. A house on 3 acres at 7 Parson Lane sold to John Joseph Hale, Jr., Trustee of the John Joseph Hale, Jr., Massachusetts Personal Residence Trust of Naples, Fla. from J. Joseph Hale, Jr. of Naples, Fla. for $0. The property is assessed at $1,440,800. The land bank exemption is C.

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13. A house on .46 of an acre at 7 Elbow Lane sold to The Elbow Lane Group, LLC, a Maryland limited liability company of Baltimore, Md. from Frances Glen Whitman Parsons, Richard E. Gatchell, Jr. and Margaret P. Rodgers of Baltimore, Md. for $0. The property is assessed at $2,305,500. The land bank exemption is I.

14. A house on 1.5 acres at 33 Chuck Hollow Road sold to Holbridge, LLC, of Dover, Del. from Mark J. Haines and Kathleen C. Haines of Cos Cob, Conn. for $0. The property is assessed at $1,546,000. The land bank exemption is I.

15. A house on .18 of an acre at 9 Huntington Ave. sold to Michael J. Marelli, Jr. of Nantucket, Mass. from Deborah Marelli of Nantucket, Mass. for $0. The property is assessed at $969,000. The land bank exemption is K.

The Nantucket Islands Land Bank gained $161,846 in transfer tax fees for the week ending Nov. 17. For 2007, the Land Bank gained an estimated total of $14,608,652.41 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.

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.