Tax Rate FAQs for Nantucket Homeowners

by Lara Hanson

Q. What is the current tax rate?

A. Tax rates are broken down into the following categories:
Residential property: $3.13
Commercial/industrial/personal property: $5.30
Land/open space: $3.01

Q. How is my bill calculated?

A. They are calculated on a per $1000 of total assessed value. For example, for a single family residential property assessed at $1,000,000, the total tax due would be $3,130.

You can find the assessed values for a property here

Q. How are tax rates determined?

A. The tax rate is determined by the town’s budget for the fiscal year.

Q. When are tax bills due?

A: Head over to the tax collector’s website where they share a change in due dates for 2024.

Q. What if I am a new homeowner?

A. Per Massachusetts General Law, tax bills will reflect the previous owner’s name for at least one year following the sale, and be in “care of” you. Property taxes are prorated for the date of closing.

Q. Are there any exemptions?

A. The residential exemption states that the taxpayer must own the property and occupy the property as their principal place of residence as of January 1, as used by the taxpayer for state income tax purposes.