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PROPERTY TRANSFERS
Jan. 21, 2008 ~ Jan. 25, 2008
5. A house on .23 of an acre at 4 Pine Grove Lane sold to Pine Grove Trust, Stephanie L. Strojny as Trustee, of Hanover, Mass. from Stephanie Strojny of Hanover, Mass. for $1. The property is assessed at $777,800. The land bank fee exemption is C.
 | | 1. A house on .19 of an acre at 13 Easton St. sold to BFP Properties, LP, a Texas Limited Partnership, of Fort Worth, Texas from Richard P. Walters and Susan S. Walters of Concord, Mass. for $6,600,000. The property is assessed at $5,403,100. The land bank fee is $132,000. |
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6. A house on .37 of an acre at 38 Rhode Island Ave. sold to the Nantucket Beach Foundation, Inc. of Nantucket, Mass. from Paul Gemis and Jocelyn Duffy of Boxford, Mass. for $0. The property is assessed at $78,200. The land bank exemption is G.
7. A house on 2.1 acres at 67 South Shore Road sold to Sixty-Seven South Shore Road Nominee Trust u/d/t dated 11/9/2007 of Nantucket, Mass. from Peter J. Rubin of Nantucket, Mass. for $0. The property is assessed at $1,777,3000. The land bank exemption is D.
8. A house on 2.1 acres at 28 Gardner Road sold to Eugene B. Lefevre, Trustee of The High Ridge Trust of Philadelphia, Pa. from Thomas V. Lefevre and Lillian Bourne Lefevre of Bryn Mawr, Pa. for $0. The property is assessed at $6,764,600. The land bank exemption is C.
 | | 2. A house on .09 of an acre at 5A Step Lane sold to Susan L. Renzulli and Rodger A. Renzulli of New Smyrna Beach, Fla. from Kevin F. Hickey of Delray Beach, Fla. for $1,635,000. The property is assessed at $1,705,600. The land bank fee is $32,700. |
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9. A house on .21 of an acre at 4 Swain St. sold to Richard M. Sotell, Kathleen D. Sotell, Estelle D. McCarthy, Priscilla D. Carty, William P. Donahue and Sean M. Donahue of Nantucket, Mass. from Richard P. Sotell, Trustee of the Swain Street Realty Trust of Nantucket, Mass. for $0. The property is assessed at $1,703,000. The land bank exemption is C.
10. A business in Unit 1 of 6 Straight Wharf Condominium at 6 Straight Wharf sold to Marcia P. Rubin and Harold R. Rubin of Nantucket, Mass. from Marcia P. Rubin of Nantucket, Mass. for $0. The property's assessed value is unavailable. The land bank exemption is C.
 | | 3. A vacant lot on .12 of an acre at 1 Fair St. sold to the Nantucket Islands Land Bank of Nantucket, Mass. from Wayne Wytrzes of Wellington, Fla. for $1,400,000. The property is assessed at $1,565,4000. The land bank exemption is A. |
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11. A house on .51 of an acre at 34 Madaket Road sold to Kent D. Gritzke and Kirsten G. Sauter, Trustees, of Nantucket, Mass. from Doris B. Gritzke of Nantucket, Mass. for $0. The property is assessed at $1,233,800. The land bank exemption is D.
The Nantucket Islands Land Bank gained $172,265 in transfer tax fees for the week ending Jan. 26. For 2008, the Land Bank gained an estimated total of $1,375,250.61 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.
 | | Mass. for $379,750. The property is assessed at $941,000. The land bank fee is $7,595. |
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NOTES ON EXEMPTIONS Many of the property transfers recorded with the Land Bank are exempt from the two 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
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