PROPERTY TRANSFERS
4. A timeshare on .87 of an acre at 30 Centre St. sold to Denise Gorham of Bethesda, Md. from Alan A. Mallanda of Lake Luzerne, N.Y. for $4,000. The property's assessed value is unavailable. The land bank fee is $80.

1. Ahouse on .11 of an acre at 122 Main St. sold to James R. Kelly and Jane C. Kelly of Nantucket, Mass. from Helen Victoria Haring-Smith of Washington, D.C. for $2,700,000. The property is assessed at $2,334,400. The land fee is $54,000.

5. A house on 1.02 of an acre at 1 Jonathan Way sold to One Jonathan Way Realty Trust, Kent Seibert and Karen Pinkham, Trustees, of York, Pa. from The Seibert Family Trust, Kent Seibert and Karen Pinkham, Trustees, of York, Pa. for $. The property is assessed at $1,990,900. The land bank exemption is D.

The Nantucket Islands Land Bank gained $97,180 in transfer tax fees for the week ending March 29. For 2008, the Land Bank gained an estimated total of $3,049,470.01 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.

2. A house on .12 of an acre at 39B Milk St. sold to Thomas P. Johnson and Isabella P. Johnson of Wilimington, Del. from Samuel Bailey, Jr., and Janet G. Bailey, Co-Trustees, Mill Street Realty Trust, of Farmington, Conn. for $1,625,000. The property is assessed at $1,739,700. The land bank fee is $32,500.

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).

3. A house on 5A Pine Tree Road sold to Dean T. Belanger and Tammy E. M. Belanger of Nantucket, Mass. from Paul T. Axt of Nantucket, Mass. for $530,000. The property is assessed at $649,400. The land bank fee is $10,600.

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