PROPERTY TRANSFERS
May 26 ~ May 30, 2008
2. A vacant lot on a portion of .005 of an acre at 5 Crooked Lane sold to Lightus Cooperative, Inc. of Nantucket, Mass. from John J. Tegan III, Trustee, of Northboro, Mass. for $13,260. The property is assessed at $3,224,800. The land bank fee is $265.

1. A house on .47 of an acre at 9B Waydale Road sold to Anton G. Dountchev and Valeriya Dountchev of Nantucket, Mass. from Lemberg Son & Daughter, LLC, of Nantucket, Mass. for $550,000. The property is assessed at $753,300. The land bank fee is $3,000 and the exemption is M.

3. A vacant lot on a portion of .005 of an acre at 7B Crooked Lane sold to John J. Tegan of Northboro, Mass. from Lightus Cooperative c/o Dianne Pittman of Nantucket, Mass. for $10,166. The property's assessed value is unavailable. The land bank fee is $203.

4. A house at 4B Goldfinch Drive sold to Rottmeier Development Company, Inc., Rudolph Rottmeier, President, of Ponce Inlet, Fla. from 4B Goldfinch Drive, LLC c/o Rudolph Rottmeier of Ponce Inlet, Fla. for $0. The property is assessed at $575,800. The land bank exemption is J.

5. A house on .36 of an acre at 8 Ames Ave. sold to Suzanne M. Klinck of Galesburg, Ill. from Menz Family Trust, Gerald L. Menz and Anne S. Menz, Trustees, of Montgomery, Texas for $0. The property is assessed at $1,735,100. The land bank exemptions are C and D.

The Nantucket Islands Land Bank gained $3,468 in transfer tax fees for the week ending May 31. For 2008, the Land Bank gained an estimated total of $4,196,353.01 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.

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