PROPERTY TRANSFERS
May 19 ~ May 23, 2008
3. A co-op dwelling on .11 of an acre at 11B Daffodil Lane sold to Donald A. Burns of Palm Beach, Fla. from Brook Damian and Dylan Damian Irrevocable Trust of Nantucket, Mass. for $710,000. The property's assessed value is unavailable. The land bank fee is $14,200.

1. A house on 3.0 acres at 82 Pocomo Road sold to Barre Tozloski and David L. Beatty, Trustees of Pocomo Road Nominee Trust of Waltham, Mass. from John A. Keane and Caroline A. Montgomery of Nantucket, Mass. for $8,500,000. The property is assessed at $3,177,200. The land bank fee is $170,000.

4. A house on a portion of 1.1 acres at 21 Hummock Pond Road sold to Peter Sendelbach and Susan Blake-Lazarus of Nantucket, Mass. from Carol S. Woodman of Nantucket, Mass. for $595,000. The property is assessed at $908,000. The land bank fee is $11,900.

5. A timeshare period, Interval 9F on Lot 739 sold to The Plante Nantucket Realty Trust u/d/t April 29, 2008, of Westborough, Mass. from Raphaela M. Plante of Westborough, Mass. for less than $100. The property's assessed value is unavailable. The land bank exemption is D.

2. A house on .18 of an acre at 19 New St. in Siasconset sold to Gregory Garland of Sherborn, Mass. from Joy Wrigley Otis of Wilton, Conn. for $1,094,000. The property is assessed at $1,121,800. The land bank fee is $21,800.

6. A house on .56 of an acre at 5 Moors End Lane sold to Christine B. Silverstein, Trustee of the Seadog 2008 Revocable Trust of Nantucket, Mass. from Christine B. Silverstein of Nantucket, Mass. for non-monetary consideration and $10. The property is assessed at $1,490,600. The land bank exemption is D.

7. A business on 3.1 acres at 165 Hummock Pond Road sold to James E. Powers of Nantucket, Mass. from Frank H. Powers, Jr. and James E. Powers, Trustees of Mary Patricia Gardner 2001 Revocable Trust of Nantucket, Mass. for $0. The property is assessed at $1,549,800. The land bank exemption is E.

8. A house on 2.3 acres at 171 Hummock Pond Road sold to Frank H. Powers, Jr. of Nantucket, Mass. from Frank H. Powers, Jr. and James E. Powers, Trustees of Mary Patricia Gardner 2001 Revocable Trust of Nantucket, Mass. for $0. The property is assessed at $1,549,800. The land bank exemption is E.

9. A house at 10F Arkansas Ave. sold to Robert S. Badgett and Rosemary Badgett, Trustees, of Canton, Ga. from Robert S. Badgett and Rosemary Badgett of Canton, Ga. for $0. The property's assessed value is unavailable. The land bank exemption is D. 10. A house on .55 of an acre at 32 Madaket Road sold to Peter G. Gilfoy and Margaret W. Gilfoy, Trustees of 32 Madaket Road Realty Trust of Sherborn, Mass. from Margaret W. Gilfoy of Sherborn, Mass. for $0. The property is assessed at $1,440,400. The land bank exemptions are C and D.

11. A house on a portion of 1.1 acres at 21 Hummock Pond Road sold to Carol S. Woodman of Nantucket, Mass. from Carol S. Woodman, Trustee, King Family Trust - 2006 UDT April 28, 2006, of Nantucket, Mass. for $0. The property is assessed at $908,000. The land bank exemption is E.

12. A house on .10 of an acre at 4 Paupamo Way sold to Nantucket, Wave, LLC, of Lexington, Mass. from the Nashaquisset Cooperative, Inc. of Cambridge, Mass. for $0. The property is assessed at $922,700. The land bank exemption is I.

13. A house on .10 of an acre at 4 Paupamo Way sold to the Nashaquisset Cooperative, Inc. of Cambridge, Mass. from David M. Scott of Lexington, Mass. for $0. The property is assessed at $922,700. The land bank exemption is I.

The Nantucket Islands Land Bank gained $217,900 in transfer tax fees for the week ending May 24. For 2008, the Land Bank gained an estimated total of $4,192,885.01 in transfer fees. Land bank income is derived mostly from the collection of a twopercent 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.

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).

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