Navigating the Fiscal Year 2024 Reassessment in Nantucket
Key Insights for Property Owners
As Nantucket’s leading luxury real estate experts, we are committed to guiding you through the Fiscal Year 2024 property reassessment. This process, mandated by Massachusetts General Laws, Chapter 40 Section 56, involves reassessing all real and personal property within Nantucket. The assessed values of homes, a cornerstone in determining property taxes and understanding real estate worth, has undergone significant changes for 2024. Notably, the average property tax bill has increased by 18%, rising from $8,574 to $10,138, as reported by the Nantucket Current.
The Massachusetts Department of Revenue has granted Final Preliminary Certification for the Fiscal Year 2024 real and personal property values. This assessment is critical in reflecting the market value of properties as of January 1, 2023, and incorporates sales data from the entire calendar year of 2022. The average residential home value on the island for seasonal residents has seen a notable increase, from $2.67mm in 2022 to $3.195mm in 2023, primarily driven by 2022 residential real estate sales.
Significant Increase in Property Values
For FY2024, the average single-family property in Nantucket has experienced a substantial value increase of approximately 18% over FY2023. It’s important to note, however, that individual property assessments may vary significantly. Various factors — including location, new construction, and other unique property characteristics — can lead to either an increase or decrease in these rates.
What Does This Mean for You?
For property owners and prospective buyers in Nantucket, grasping these changes is crucial. Whether you’re planning to sell, purchase, or simply wish to stay informed about your property’s value, these assessments are pivotal in understanding current market dynamics. To discover the assessed value of your property, you can either contact your Fisher Real Estate Agent or consult the Town of Nantucket Appraisal Database.
Here’s a simplified breakdown of how assessed values are determined in Nantucket:
1- Basis of Assessment: In Nantucket, as in the rest of Massachusetts, property assessments are rooted in the property’s market value.
2- Revaluation Period: State law requires a comprehensive revaluation every five years, with annual adjustments possible to reflect market changes.
3- Determining Market Value: Assessors analyze property sales data, focusing on comparable sales within a specific timeframe.
4- Factors Affecting Assessment: The assessed value is influenced by the property’s location, size, condition, improvements, unique characteristics, and the area’s desirability.
5- Appealing the Assessment: Property owners can challenge their assessments if they feel these don’t accurately reflect market value. (More on this in an upcoming blog.)
6- Impact on Property Taxes: The property tax rate in Nantucket has decreased slightly, from $3.21 in 2023 to $3.17 per $1,000 of total assessed value for 2024.
Understanding property assessments is vital in Nantucket’s high-value real estate market. It empowers property owners to make informed decisions about buying, selling, or appealing tax assessments. Remember, the luxury real estate market in Nantucket is unique and dynamic. Staying informed and proactive is key to navigating these reassessment periods effectively.
For personalized advice or inquiries about how these changes might affect your property, feel free to reach out. With Fisher’s expertise in Nantucket’s luxury real estate market, you can navigate this reassessment period with confidence.