PROPERTY TRANSFERS
June 9, 2008 ~ June 12, 2008
4. A timeshare interval on Swain Street sold to Adriene M. Conrad of Poughkeepsie, N.Y. from Edward M. Mashrick of Milton, Mass. for $10,000. The property's assessed value is unavailable. The land bank fee is $200.

1. A house on .46 of an acre at 50 Tennessee Ave. sold to the Nantucket Islands Land Bank from Nancy A. Chase, individually as Trustee of Tennessee Avenue Nominee Trust of Nantucket, Mass. for $1,800,000. The property is assessed at $2,896,500. The land bank exemption is A.

5. A vacant lot on 3.2 acres at 9 Dionis Beach Road sold to the Nantucket Islands Land Bank from Elizabeth Ruley of Miami, Fla. for $2,222. The property is assessed at $936,500. The land bank exemption is A. 6. A business timeshare on .46 of an acre at 20 Hummock Pond Road sold to WM + K Real Estate Corporation of St. Petersburg, Fla. from Nelson and Gladys Burard of Mt. Pleasant, N.C. for $200. The property is assessed at $1,225,900. The land bank fee is $2.

7. A house on 1.8 acres at 37 Somerset Lane sold to Peter D. Kyburg of Nantucket from Peter D. Kyburg and Gloria Kyburg of Nantucket, Mass. for $1. The property is assessed at $1,558,800. The land bank exemption is K.

74 Goldfinch Ave. 2. A house on .11 of an acre at 74 Goldfinch Drive sold to Erin Lemberg, David Lemberg and Edwin Lemberg of Nantucket, Mass. from Bruce M. and Jackie Sue Taylor, Trustees, and Keither and Catherine Burdick of Pryor, Okla. for $535,000. The property is assessed at $540,000. The land bank fee is $10,700.

8. A house on 5.6 acres at 1 Pochick Ave. sold to Mark A. Lombardi, Trustee, and Maureen Lombardi, Trustee of Lombardi Realty Trust of Nantucket, Mass. from Michael A. Lombardi and Maureen Lombardi of Nantucket, Mass. for $1. The property is assessed at $5,576,100. The land bank exemption is D.

9. A house on .12 of an acre at 12 Westminster St. sold to W. Christopher Mortenson, Jr. and Winifred M. Mortenson, Trustees of Mortenson Family Nominee Trust of Vero Beach, Fla. from W. Christopher Mortenson, Jr. and Winifred M. Mortenson of Vero Beach, Fla. for $0. The property is assessed at $2,176,400. The land bank exemption is D.

48 Arkansas Ave 3. A house on .09 of an acre at 48 Arkansas Ave. sold to Walter A. Lester and Courtney T. Lester of New York City, N.Y. from Bruce and Beatrice Roseman of Mt. Kisco, N.Y. for $375,000. The property is assessed at $416,900. The land bank fee is $7,500.

10. A house at 22 Daffodil Lane, Lease Area B, sold to Seubsiri Thairatana and Panu Thairatana of Nantucket, Mass. from Maturod Thairat, Seubsiri Thairatana and Panu Thairatana of Nantucket, Mass. for $0. The property's assessed value is unavailable. The land bank exemption is B.

11. A house on 1.04 acres at 11 Sandsbury Road sold to Edward S. Toole, James D. Toole, Michale L. Toole and Cindy L. Hayes of Siasconset, Mass. from Allan L. Toole and Nikki S. Toole of Siasconset, Mass. for $0. The property is assessed at $2,286,700. The land bank exemption is C.

12. A house on 1.2 acres at 3 Weweeder Ave. sold to Charles E. Krueger and Pamela J. Krueger, Trustee 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 B.

13. A house on 1.1 acres at 50 Squam Road sold to Robert I. Stock of Newton, Mass. from Robert I. Stock, Trustee of ABC Nominee Trust of Newton, Mass. for $0. The property is assessed at $2,999,000. The land bank exemptions are C and D.

14. A house on .48 of an acre at 28 Easton St. sold to Fantasy Cottages, LLC, of Palm Beach, Fla. from Sandra Pine Doubleday of Hobe Sound, Fla. for $0. The property is assessed at $14,104,300. The land bank exemption is I.

15. A house on .11 of an acre at 3 Galen Ave. sold to Mark G. Burlingham, Trustee of Lega-Sea Nominee Trust of Corona Del Mar, Calif. from Theresa Sabol Burlingham of Corona Del Mar, Calif. for $0. The property is assessed at $1,466,999. The land bank exemption is D. 16. A house on .10 of an acre at 15 Beach St. sold to Mark G. Burlingham, Trustee of Lega-Sea Nominee Trust of Corona Del Mar, Calif. from Mark G. Burlingham and Theresa Sabol Burlingham of Corona Del Mar, Calif. for $0. The property is assessed at $1,170,000. The land bank exemption is D.

17. A house on Lot 23 Land Court Plan 15400-B Fishers Landing sold to H. Han Entinger, Trustee, HHE Realty Trust of Mendon, Vt. from Hugo-Hans Entinger of Mendon, Vt. for $0. The property's assessed value is unavailable. The land bank exemption is D.

18. A house on .23 of an acre at 1 Saratoga Lane sold to John J. de la Osa, as Trustee of the John de la Osa Revocable Living Trust of Astoria, N.Y. from John J. de la Osa of Astoria, N.Y. for $0. The property is assessed at $1,097,200. The land bank exemption is D.

19. A vacant lot with a shed on .44 of an acre at 48 Tennessee Ave. transferred to the Nantucket Islands Land Bank of Nantucket, Mass. from Katherine A. Ray of Unadilla, N.Y. as gift. The property is assessed at $210,000. The land bank exemption is A.

Nantucket Islands Land Bank

The Nantucket Islands Land Bank gained

$18,402 in transfer tax fees for the week ending June 21. For 2008, the Land Bank gained an estimated total of $4,565,425.01 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. 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.