PROPERTY TRANSFERS
June 2, 2008 ~ June 6, 2008

1. A house on .70 of an acre at 94 Cliff Road sold to Christopher T. Keenan of New York City, N.Y. from Lawrence M. Maury and Michelle B. Maury of Naples, Fla. for $3,150,000. The property is assessed at $3,770,400. The land bank fee is $63,000.

2. A house on .47 of an acre at 1 Somerset Road sold to Pascal E. Antonietti and Eleanor W. Antonietti of Nantucket, Mass. from Frank Suslavich of Duluth, Minn. for $750,000. The property is assessed at $790,900. The land bank fee is $7,000 and the exemption is M.

3. A house on .12 of an acre at 71A Hinsdale Road sold to Linda Laviska and Richard Laviska of North Andover, Mass. from Paul Caggiano of Boston, Mass. for $530,000. The property is assessed at $408,000. The land bank fee is $10,600.

4. A condominium on a portion of .32 of an acre at 13A Mary Ann Drive sold to Lyman R. Blake, Jr. and Michelle M. Whelan of Nantucket, Mass. from Lemberg Son & Daughter, LLC of Nantucket, Mass. for $500,000. The property is assessed at $808,500. The land bank fee is $2,000 and the exemption is M.

5. A vacant lot on .14 of an acre at 28 Young's Way sold to Jill Ferrantella, Trustee, of Nantucket, Mass. from Stephen A. Young of Amherst, Mass. for $395,000. The property is assessed at $381,600. The land bank exemption is M.

6. A vacant lot on a portion of .11 of an acre at 3B Mary Ann Drive sold to Jason Davidson of Siasconset, Mass. from Mary E. Glowacki of Nantucket, Mass. for $350,000. The entire property is assessed at $422,900. The land bank fee is $7,000.

7. A vacant lot on a portion of .11 of an acre at 3A Mary Ann Drive sold to Brian Ryder of Nantucket, Mass. from Mary E. Glowacki of Nantucket, Mass. for $345,000. The entire property is assessed at $422,900. The land bank fee is $6,900.

8. A house on .11 of an acre at 6 Copper Lane sold to Elliot R. Goldberg and Jeri Werner Goldberg, Trustees, of Andover, Mass. from Elliot R. Goldberg and Jeri Werner Goldberg, Trustees, of Andover, Mass. for $1. The property is assessed at $1,530,200. The land bank exemptions are C and D.

9. A house on .18 of an acre at 51 Walsh St. sold to Linda Hartman and Paul Lepeonka, cotrustees of Annabelle M. Katz Revocable Trust of Potomac, Md. from Linda Hartman, Diane Katz and Sherryl Katz, co-trustees of Edward Katz Grantor Retained Interest Trust of Potomac, Md. for $1. The property is assessed at $2,257,100. The land bank exemption is D.

10. A house on .18 of an acre at 51 Walsh St. sold to Linda Hartman, Diane Katz and Sherryl Katz, (c/o Linda Hartman) of Potomac, Md. from Linda Hartman, Diane Katz and Sherryl Katz, co-trustees of Edward Katz Grantor Retained Interest Trust of Potomac, Md. for $1. The property is assessed at $2,257,100. The land bank exemption is D.

The Nantucket Islands

Land Bank gained

$96,500 in transfer tax fees for the week ending June 7. For 2008, the Land Bank gained an estimated total of $4,292,853 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 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 firsttime 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.