PROPERTY TRANSFERS

1.A house under construction on 1.06 acres and a portion of .93 of an acre at 21 Shimmo Pond Road and 23 Shimmo Pond Road, respectively, sold to Christopher B. Madison and Elizabeth F. Madison of Boston, Mass. from Shimmo Pond Holdings, LLC, of Chester, Pa. for $8,800,000. The properties are assessed at $5,468,200 and $3,073,300, respectively. The land bank fee is $176,000. 2.A vacant lot on a portion of 1.9 acres at 1 Baxter Road sold to ATLANTIC LIGHT, LLC, of Nantucket, Mass. from Joanne S. Gill of Milton, Mass. for $5,400,000. The property is assessed at $8,764,100. The land bank fee is $108,000.

3.A house on 1.0 acre at 96 West Chester St. sold to James L. Croyle, Trustee of the 96 West Chester Nominee Trust of Harvard, Mass. from Linda Coughlin, Trustee of Coughlin Realty Trust of New York City, N.Y. for $4,725,000. The property is assessed at $2,941,600. The land bank fee is $94,500. 4.A house on .29 of an acre at 6 Kite Hill Lane sold to Lawrence K. Hathaway and Barbara Hathaway of Riverside, Conn. from Stuart J. Steele and Suzanne E. Steele c/o EastPoint Properties of Bedford, N.H. for $4,450,000. The property is assessed at $4,586,100. The land bank fee is $89,000.

5.A house on .21 of an acre at 11 Woodbury Lane sold to Theresa Mara Woolverton and William H. Woolverton, III, of Chestnut Hill, Mass. from Lawrence K. Hathaway and Barbara Hathaway of Riverside, Conn. for $3,550,000. The property is assessed at $3,282,900. The land bank fee is $71,000.

6.A house on .12 of an acre at 20 New Lane sold to 20 New Lane Realty Trust of New York City, N.Y. from Mark D. Madoff and Stephanie Madoff of New York City, N.Y. for $2,300,000. The property is assessed at $2,165,800. The land bank fee is $46,000. 7.A business at 58D Main St. sold to Folger Block, LLC, of Paradise Valley, Ariz. from Jeffrey W. Lee of Nantucket, Mass. for $1,400,000. The property is assessed at $972,500. The land bank fee is $28,000.

8.A house on .09 of an acre at 53 Orange St. sold to 53 Orange Street Partners, LLC, of San Francisco, Calif. from John G. Palache, Jr. and Sally B. Palache of Greenwich, Conn. for $1,285,250. The property is assessed at $2,170,200. The land bank fee is $25,705. 9.A dwelling at 25A Daffodil Lane (Lease Area 1) sold to David E. Lower and K. Jamison Lower of Nantucket, Mass. from Sam R. Costanzo and Lucy M. Costanzo of Branford, Conn. for $759,000. The property's assessed value is unavailable. The land bank fee is $15,180.

10.A dwelling at 9B Daffodil Lane sold to Raymond Rocco Monto and Jennifer M. Monto of Chilmark, Mass. from 9 Daffodil Lane Cooperative, Inc. for $730,000. The property's assessed value is unavailable. The land bank fee is $14,600.

11.A house on .26 of an acre at 4 Sparks Ave. sold to Cynthia J. Thomas and Melinda Rodrigues of South Dartmouth, Mass. from Albert S. Glowacki and Maureen A. Glowacki of Nantucket, Mass. for $700,000. The property is assessed at $731,700. The land bank fee is $6,000 and the exemption is M.

12.A house on .46 of an acre at 3 Nobadeer Ave. sold to Craig Kay and Annie B. Kay of Nantucket, Mass. from Craig Kay of Nantucket, Mass. for $0. The property is assessed at $1,103,100. The land bank exemption is C.

13.A house on .12 of an acre at 9 Beach St. sold to Elline H. Sharp, Trustee of the Alta Nominee Trust of Boston, Mass. from John Sharp and Elline A. Sharp of Boston, Mass. for $0. The property is assessed at $1,191,700. The land bank exemption is D.

14.A vacant lot on .15 of an acre at 70 Union St. sold to Jessie M. Glidden, Trustee of 70 Union Street Realty Trust, of Nantucket, Mass. from Robert F. Paterson and Kelly L. Paterson of Nantucket, Mass. for $0. The property is assessed at $1,741,800. The land bank exemption is D.

15.A house on .92 of an acre at 20 Clifton St. sold to Willard J. Overlock, Jr. and Katherine S. Overlock of Greenwich, Conn. from Katherine S. Overlock of Greenwich, Conn. for $0. The property is assessed at $1,069,300. The land bank exemption is C.

16.A house on 1.2 acres at 29 Coffin St., Siasconset, sold to Willard J. Overlock, Jr. and Katherine S. Overlock of Greenwich, Conn. from Katherine S. Overlock of Greenwich, Conn. for $0. The property is assessed at $3,289,500. The land bank exemption is C.

The Nantucket Islands Land Bank

The Nantucked Island Land Bank gained $673,985 in transfer tax fees for the week ending July 5. For 2008, the Land Bank gained an estimated total of $5,424,146.01 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).