PROPERTY TRANSFERS
July 21, 2008 ~ July 25, 2008
3. A vacant lot on .46 of an acre at 16 Madaket Road sold to Gregory R. Phillips and Angela Phillips of Nantucket, Mass. from Hedgebury Lane, LLC, of Southfield, Mass. for $800,000. The property is assessed at $984,300. The land bank fee is $16,000.

1. A vacant lot on 2.7 acres at 80 Wauwinet Road sold to Denise Scruton of New York City, N.Y. from Barbara C. Timken of Canton, Ohio for $4,000,000. The property is assessed at $5,428,000. The land bank fee is $80,000.

4. A condominium, Unit 15 of Anchor Village Condominium at 37G Old South Road sold to Erik Lauritzen of Nantucket, Mass. from Nicole Gentile of New York City, N.Y. for $1. The property is assessed at $374,700. The land bank exemption is K. 5. A house on .08 of an acre at 36 Fair St. sold to Tutein Family, LLC, of West Palm Beach, Fla. from Dexter A. Tutein, Trustee of Tutein Nominee Trust of West Palm Beach, Fla. for $0. The property is assessed at $1,581,500. The land bank exemption is I.

6. A house on .46 of an acre at 4 Equator Drive sold to Brian D.

2. A house on 6.7 acres at 24 Almanack Pond Road sold to Three Dunes, LLC, of Amesbury, Mass. from L.L. Land, LLC, of Boston, Mass. for $3,150,000. The property is assessed at $3,710,100. The land bank fee is $63,000.

Secia and Paula E. Secia of Nantucket, Mass. from Brian D. Secia of Nantucket, Mass. for $0. The property is assessed at $1,015,900. The land bank exemption is C. 8. A vacant lot on .036 of an acre of a portion of 4.1 acres at 15 Trotts Hill Road sold to Rhoda H. Weinman, Trustee of Asher Hill Realty Trust of Nantucket, Mass. from Stephen P. Langer, Trustee of Asher Hill Realty Trust, of Boston, Mass. for $0. The property is assessed at $4,662,800. The land bank exemption is D.

7. A vacant lot on .036 of an acre of a portion of 2.2 acres at 11 Trotts Hill Road sold to Stephen P. Langer of Boston, Mass. from Rhoda H. Weinman, Trustee of Asher Hill Realty Trust of Nantucket, Mass. for $0. The property is assessed at $447,300. The land bank exemption is D.

 The Nantucket Islands Land Bank gained

$149,700 in transfer tax fees for the week ending July 25. For 2008, the Land Bank gained an estimated total of $5,761,346.01 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 improvement; 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 and 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. I