PROPERTY TRANSFERS
July 14, 2008 ~ July 17, 2008
2. A house on .14 of an acre at 5B Pine Tree Road sold to Paul T. Axt, Manager, 5B Pine Tree Road, LLC, of Nantucket, Mass. from Paul T. Axt of Nantucket, Mass. for $1. The property is assessed at $523,500. The Land Bank exemption is I. 3. A house on 2.5 acres at 2 Shawkemo Hills Lane sold to Randy A. Fifield, Trustee of Seven Fifields Nominee Trust of Los Angeles, Calif. from Randy A. Fifield of Los Angeles, Calif. for $0. The property is assessed at $6,836,600. The Land Bank exemption is D. 4. A timeshare interval, Time Period 37 in Unit A-6 in Building A on Brant Point Courtyard Condominium on Swain Street sold to Brant Point Courtyard Condominium Trust of Nantucket, Mass. from Douglas W. Shaffer and Beverly F. Shaffer of Honeyoye Falls, N.Y. for $0. The property's assessed value is unavailable. The Land Bank exemption is C

1.A house on .11 of an acre at 22 Walsh St. sold to Eric R. Johnson and Linda B. Johnson of Bristol, R.I. from Estelle E. Cordoza of Nantucket, Mass. for $1,425,000. The property is assessed at $1,403,700. The Land Bank fee is $28,500.

The Nantucket Islands Land Bank gained

$28,500 in transfer tax fees for the week ending July 12. For 2008, the Land Bank gained an estimated total of $5,452,646.01 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 improvement; 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 and 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. I