PROPERTY TRANSFERS
August 18, 2008 ~ August 22, 2008
4.A house on .48 of an acre at 21 Columbus Ave. sold to Jennifer Smith Boylan, David A. Smith and Brett A. Smith of Barrington, R.I. from Robert S. Smith Realty Trust and Sheila Smith Realty Trust of Barrington, R.I. for $100. The property is assessed at $1,085,300. The Land Bank exemption is D.

1.A house on .12 of an acre at 5 Fair St. sold to Randy A. Fifield, Trustee of Seven Fifields Nominee Trust of Los Angeles, Calif. from Gary A. Simanson of Great Falls, Va. for $2,575,000. The property is assessed at $2,590,800. The Land Bank fee is $51,500.

5.A house on 13A Witherspoon Drive sold to the Patricia A. Peter Revocable Trust of Nantucket, Mass. from Patricia A. Peter of Nantucket, Mass. for $100. The property is assessed at $714,700. The Land Bank exemption is D.

6.A house on 2.0 acres at 13 Wherowhero Lane sold to Jaques Zimicki and Joan Stockman of Nantucket, Mass. from Jaques Zimicki of Nantucket, Mass. for $1. The property is assessed at $1,162,700. The Land Bank exemption is C.

7.A house on 2.4 acres at 67 Polpis Road sold to Benson and Henderson Enterprises, LLC, of Princeton, N.J. from Margaret A. Henderson of Skillman, N.J. for $1. The property is assessed at $1,624,900. The Land Bank exemption is C.

2.A house on .23 of an acre at 47 Devon St. sold to Leonard A. Rappaport of Jamaica Plain, Mass. from Gail Eckstein and Robert James Eckstein of Passaic Park, N.J. for $850,000. The property is assessed at $890,900. The Land Bank fee is $17,000.

8.A house on .25 of an acre at 5 North Point sold to Austin R. Schraff and Ann Keating of Rowayton, Conn. from Austin R. Schraff of Rowayton, Conn. for $0. The property is assessed at $1,074,200. The Land Bank exemption is C. 9.A house on .24 of an acre at 4 Althea's Lane sold to Wendy B. Watts and Bruce L. Watts of Nantucket, Mass. from Wendy B. Watts of Nantucket, Mass. for $0. The property is assessed at $932,600. The Land Bank exemption is C.

10.A condominium unit, Unit 1 at 103A Orange St. in the 103 Orange Street Condominium sold to Ashley H. Brooks and Mark Scharwenka of Nantucket, Mass. from Beth N. Brooks of Nantucket, Mass. for $0. The property's assessed value is unavailable. The Land Bank exemption is C.

3.A house on .45 of an acre at 23 Cato Lane sold to Robert A. Egan and Marsha Egan of Reading, Pa. from the Estate of Antone F. Sylvia of Glendale, Ariz. for $695,000. The property is assessed at $711,800. The Land Bank fee is $13,900.

11.A vacant lot on .57 of an acre at 7 Hussey Farm Road sold to Beverly A. Topham, Trustee of the Beverly A. Topham Living Trust Agreement, of Nantucket, Mass. from Beverly A. Topham of Nantucket, Mass. for $0. The property is assessed at $2,715,100. The Land Bank exemption is D.

12.A house on .42 of an acre at 21 Cliff Road sold to Arie L. Kopelman of New York City, N.Y. from Alan D. Kroll, Trustee of Twenty-One Cliff Trust c/o Kopelman, of New York City, N.Y. for $0. The property is assessed at $6,170,600. The Land Bank exemption is D.

The Nantucket Islands Land Bank gained

$82,400 in transfer tax fees for the week ending Aug. 23. For 2008, the Land Bank gained an estimated total of $6,226,220.43 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.