PROPERTY TRANSFERS

5. A vacant lot on 29.7 acres at 74 Milestone Road sold to the Nantucket Islands Land Bank of Nantucket, Mass. from Kathryn S. Williams, Christopher Williams and Elizabeth Sullivan of Epping, N.H. for $115,000. The property is assessed at $137,000. The land bank exemption is A.

1. A guesthouse on .17 of an acre at 9 Cliff Road sold to Cliff Lodge Inn, LLC, of Nantucket, Mass. from Cliff Lodge, LLC, of Plymouth, Mass. for $2,300,000. The property is assessed at $3,089,200. The land bank fee is $46,000. 6. A timeshare period, Interval 15F on a portion of 1 Goose Cove Ave. sold to Paul J. Pisano and Carol Pisano of Warwick, R.I. from Charles Stephen Kelly and Kathryn Ellen Kelly of East Greenwich, Conn. for $18,500. The property's assessed value is unavailable. The land bank fee is $370.

7. A house on .26 of an acre at 36 Baxter Road sold to John S. and Janice B. Goetcheus of Siasconset, Mass. from ALG Associates of Siasconset, Mass. for $100. The property is assessed at $1,981,900. The land bank exemption is J.

8. A house on .49 of an acre at 14 Meadow Lane sold to Rebecca Boggan of Atlanta, Ga. from Rebecca Boggan and N. Crisman Boggan of Atlanta, Ga. for $0. The property is assessed at $1,372,800. The land bank exemption is C.

2. A guesthouse on .24 of an acre at 61 Centre St. sold to Martin House Inn, LLC, of Nantucket, Mass. from Martin's House Nominee Trust of Nantucket, Mass. for $2,100,000. The property is assessed at $3,289,900. The land bank fee is $42,000. 9. A house on .15 of an acre at 132 Main St. sold to ACK Bound, LLC of Columbia, Md. from Barbara von der Groeben, Mark Kevin McGill and Kimberly L. McGill of Columbia, Md. for $0. The property is assessed at $2,054,700. The land bank exemption is I.

10. A house on .10 of an acre at 10 School St. sold to Leigh J. Abramson and Carrie C. Abramson, Trustees of Ten School Street Nominee Trust of New York City, N.Y. from Leigh J. Abramson and Carrie C. Abramson of New York City, N.Y. for $0. The property is assessed at $1,496,200. The land bank exemptions are C and D.

11. A house on .17 of an acre at 3 Charter St. sold to Leigh J. Abramson and Carrie C. Abramson, Trustees of Three Charter Street Nominee Trust of New York City, N.Y. from Leigh J. Abramson and Carrie C. Abramson of New York City, N.Y. for $0. The property is assessed at $3,504,700. The land bank exemptions are C and D.

3. A house on .96 of an acre at 87 Somerset Road sold to Cameron T. Gammill and Julie C. Gammill of Norwalk, Conn. from James Georgaklis, Trustee of Oak Bluff Realty Trust u/d/t dated September 27, 2007, of Boston, Mass. for $690,000. The property is assessed at $927,000. The land bank fee is $5,800 and the exemption is M. 12. A house on 1.3 acres at 31 Flintlock Road sold to Paula E. Driscoll, Trustee of the Paula E. Driscoll Revocable Trust of Nantucket, Mass. from Paula E. Driscoll of Nantucket, Mass. for $0. The property is assessed at $1,214,700. The land bank exemption is D.

13. Avacant lot on .08 of an acre on Pilgrim and Westmoor Farms roads sold to Peter E. Halle and Carolyn B. Lamm of Washington, D.C. from Nantucket Westmoor Farms, LLC, of Cabin John, Md. for $0. The property's assessed value is unavailable. The land bank exemption is B.

4. A house on .34 of an acre at 5 Nobadeer Way sold to Lisa Johnsen-Gulley and John Gulley of Nantucket, Mass. from Thomas Arena and John Arena of Nantucket, Mass. for $675,000. The property is assessed at $634,300. The land bank fee is $5,500 and the exemption is M. The Nantucket Islands Land Bank gained $99,670 in transfer tax fees for the week ending May 17. For 2008, the Land Bank gained an estimated total of $3,974,985.01 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