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: $3.21
Commercial/industrial/personal property: $5.46
Land/open space: $3.05
Q. How is my bill calculated?
A. Your property category’s tax rate multiplied by each thousand dollars of the assessed value of your property. For example, if your residential property is assessed at $1,500,000:
1500 x $3.21 = $4,815 owed annually
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. The Town of Nantucket is on a quarterly billing cycle:
1st quarter due August 1
2nd quarter due November 1
3rd quarter due February 1
4th quarter due May 1
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.