PROPERTY TRANSFERS

1. House on 1.03 of an acre at 33 Nonantum Ave. sold to Nancy E. Field and Michael Schulder of Atlanta, Ga. from William R. Sherman and Jean D. Sherman of Nantucket, Mass. for $5,700,000. The property is assessed at $5,382,400. The land bank fee is $114,000.

4.A business on .12 of an acre at 93 Hinsdale Road sold to RPJ Realty, LLC, of South Orleans, Mass. from Jonathan T. Raith of Santa Barbara, Calif. for $565,800. The property is assessed at $447,800. The land bank fee is $11,316.

5.A house on .50 of an acre at 9 Dukes Road sold to Chiles Investment Group, Inc. of Taunton, Mass. from Foreclosing Lender: Eastern Savings Bank of Hunt Valley, Md. for $481,000. The property is assessed at $859,500. The land bank fee is $9,620.

2.A house on .08 of an acre at 32 Pleasant St. sold to Lisa A. Camalier of Bethesda, Md. from Stuart W. Rapp, Commissioner, Osterville, Mass. for $1,315,000. The property is assessed at $1,587,700. The land bank fee is $26,300.

6.A dwelling, Unit 3, at 95 Orange St. sold to Christopher W. Jordan and Nancy M. Jordan of Charlestown, Mass. from Christopher William Jordan and Nancy MacNeil Jordan, Trustees, of Charlestown, Mass. for $100. The property is assessed at $395,800. The land bank exemption is D.

7.A vacant lot on 2.08 acres at 57 Pleasant St. sold to Samuel P. Phelan, Ellen C. Phelan, Sally P. Delveccio and John C. Phelan, as Tenant, of Tivoli, N.Y. from The Phelan Family, LLC, c/o Joseph W. Phelan, Manager, as Landlord, of Germantown Road, N.Y. for $100. The property is assessed at $1,311,000. The land bank exemption is B.

3.A house on .27 of an acre at 268 Madaket Road sold to Trudy Dujardin and Frank Fasanella of East Norwalk, Conn. from Donald W. Mroz and Susan M. Lapine, Trustees of Donald W. Mroz and Susan M. Lapine Living Trust of Nantucket, Mass. for $1,175,000. The property is assessed at $1,244,300. The land bank fee is $23,500.

8.A house on .49 of an acre at 15 Coffin St., Siasconset, Mass. sold to Lord Family, LLC, of Minneapolis, Minn. from Charles Prior Lord, Thomas P. Lord and Dierdre R. Lord of Newton, Mass. for $0. The property is assessed at $2,016,700. The land bank exemption is I.

9.A house on .59 of an acre at 105 Tom Nevers Road sold to Roger N. Wright and Patricia A. Wright as Trustees of the Patricia A. Wright Revocable Trust of Rexford, N.Y. from Patricia A. Wright of Rexford, N.Y. for $0. The property is assessed at $1,166,600. The land bank exemption is D.

10. A house on .47 of an acre at 7 Todd Circle sold to Julie M. Rezendes of Nantucket, Mass. from Alfred Rezendes and Julie M. Rezendes of Nantucket, Mass. for $0. The property is assessed at $1,072,100. The land bank exemption is C.

11.A house on .47 of an acre at 7 Todd Circle sold to Alfred Rezendes and Julie M. Rezendes of Nantucket, Mass. from Julie M. Rezendes of Nantucket, Mass. for $0. The property is assessed at $1,072,100. The land bank exemption is C.

12.A house on 1.1 acres at 26 Masaquet Ave. sold to Deborah R. Christian of Nantucket, Mass. from Deborah R. Christian and Edward Christian of Nantucket, Mass. for $0. The property is assessed at $2,006,800. The land bank exemption is C.

13.A house on .19 of an acre at 5 Towaddy Lane sold to V. Bruce Rigdon and Mary S. Rigdon as Trustees of the Rigdon Family Revocable Trust U/ A/D 6/3/08 of Chicago, Ill. from V. Bruce Rigdon and Mary S. Rigdon of Chicago, Ill. for $0. The property is assessed at $1,031,100. The land bank exemption is D.

14.A house on 6.7 acres at 31 Gardner Road sold to Richard F. Tucker and Genevieve M. Tucker, Trustees of the Tucker Nantucket Trust of Fairfield, Conn. from Richard F. Tucker and Genevieve M. Tucker of Fairfield, Conn. for $0. The property is assessed at $8,014,300. The land bank exemption is D.

15.A house on .31 of an acre at 8 Monomoy Creek Road sold to the George Culbreth Thomas, II Revocable Living Trust and the Mary Lynn Zimmerman Revocable Living Trust of Nantucket, Mass. from George Thomas aka George Culbreth Thomas, II, of Nantucket, Mass. for $0. The property is assessed at $2,498,100. The land bank exemption is D.

The Nantucket Island Land Bank

 

The Nantucket Islands Land Bank gained $184,736 in transfer tax fees for the week ending June 28. For 2008, the Land Bank gained an estimated total of $4,750,161.01 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 properties at 2 Massasoit Bridge Road, 159 Hummock Pond Road, and 22 Broad St.

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: www. nantucketlandbank.org. Or visit the office at 22 Broad St.