PROPERTY TRANSFERS
June 9 -, 2008 ~ June 13, 2008
2.A house on .23 of an acre at 13 New Lane sold to Foursokay Nominee Trust of Old Greenwich, Conn. from Big Bass, LLC, of Hamilton, Mass. for $2,250,000. The property is assessed at $899,100. The land bank fee is $45,000.

1.A house on 3.3 acres at 51 Wanoma Way sold to Mark Madoff and Stephanie Madoff of New York City, N.Y. from Frank L. Katz and Elise R. Katz of Boston, Mass. for $6,500,000. The property is assessed at $6,708,200. The land bank fee is $130,000.

3. A house on 3.0 acres at 67 Milestone Road sold to Robert and Susan Campese of Nantucket, Mass. from Lucille A. Jordan of Nantucket, Mass. for $1,850,000. The property is assessed at $1,807,100. The land bank fee is $37,000.

4.A house on 1.2 acres at 47 Tom Nevers Road sold to Donald Smith of New Canaan, Conn. from Carl and Sharon Nielsen of Pequannock, N.Y. for $1,040,000. The property is assessed at $1,117,500. The land bank fee is $20,800.

5.A house on .25 of an acre at 21 and 23 West Sankaty Ave. sold to Peter Mulcahy of Ponte Vedra Beach, Fla. from Martha Mulcahy of Sandwich, Mass. for $714,500. The property is assessed at $1,277,200. The land bank fee is $14,290.

6.A vacant lot on .14 of an acre at 6 Celtic Drive sold to Edward W. Roberts of Nantucket, Mass. from Rhonda Thurston of Antonito, Colo. for $345,000. The property is assessed at $409,300. The land bank fee is $6,900.

7.A timeshare period, Interval 12F at 47 Cambridge St. sold to Goretti Reis of Scituate, Mass. from Peter O'Neil and Carol O'Neil of Dedham, Mass. for $9,000. The property's assessed value is unavailable. The land bank fee is $180.

8.A house on 1.2 acres at 4 Weweeder Ave. sold to Charles E. Krueger and Pamela J. Krueger as Trustees of Four Weweeder Realty Trust of Cos Cob, Conn. from Charles E. Krueger and Pamela J. Krueger of Cos Cob, Conn. for $0. The property is assessed at $1,181,500. The land bank exemption is D. 9.A condominium at 16 Warren St. sold to Harris Warsaw and Susan S. Warsaw of Katonah, N.Y. from Harris Warsaw of Katonah, N.Y. for $0. The property is assessed at $1,361,200. The land bank exemption is C.

10. A house on .14 of an acre at 12 Mamack Lane sold to Audrey Manners and Lee Manners of New York City, N.Y. from Audrey Manners of New York City, N.Y. for $0. The property is assessed at $953,800. The land bank exemption is C. 11.A house on .46 of an acre at 10 Woodland Drive sold to Jay T. McConnell and Pauline Luba Klek of Nantucket, Mass. from Jay T. McConnell of Nantucket, Mass. for $0. The property is assessed at $989,200. The land bank exemption is C.

The Nantucket Islands

Land Bank gained

$254,170 in transfer tax fees for the week ending June 14. For 2008, the Land Bank gained an estimated total of $4,547,023.01 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 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 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. For more information, visit 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.