Town Meeting and the Resulting Tax Implications
As we gear up for this year’s Town Meeting, there’s a wealth of topics on the agenda, but this piece will focus on the critical matter of tax overrides and how they directly affect you. Scheduled for Tuesday, May 7, 2024, at 5 PM, the 2024 Annual Town Meeting will take place at the Nantucket High School Mary P. Walker Auditorium. Among the hot-button issues are Short-term Rentals, NISHA, the Stretch Energy Code, Car Rental and TURO regulations, and a slew of zoning proposals.
The Finance Committee has diligently reviewed and commented on the warrant articles, comprising a potential 112 discussions. Naturally, not all articles will be addressed, but while this article zeroes in on the tax impacts, I urge all Nantucket residents eligible to vote to attend. For business owners, I encourage you to motivate and facilitate your employees’ attendance as well.
Now, onto the crucial question: “What will it cost me?”
Here are the override requests:
– Capital Exclusion
– DPW Facility: Design (supplemental)
– Newtown Road Improvements (supplemental)
– Town Employee Housing: Feasibility, Design & Permitting
– Tom Nevers Debris Removal & Dune Restoration
– Reconstruction of Jetties Beach Tennis Courts
– Public Safety Auxiliary Building
– Landfill Cell 3B Expansion
– 31 Western Avenue
Combined, these override requests total just over $30 million. To provide clarity, the town has developed a user-friendly calculator allowing taxpayers to gauge the impact of voting for these overrides on their individual tax bills. Utilize the tax rate impact calculator to assess the effect on your property’s taxes due to debt and capital exclusions. No more guesswork! While we may wish for an impact cost calculator for all the decisions on May 7, for now, let’s continue rallying our friends and neighbors to participate in town meeting and cast their votes!
Access the Tax Calculator by following the steps below:
Step 1
Step 2
Enter your home’s assessed value in the home value field.
*Find your home’s assessed value by clicking this link and entering your property address and then the search button.
Step 3
Answer the question if you are eligible for the residential exemption (only applies to year round residents).
Step 4
Hit the select all button if you would like to see the potential tax impact on the total or you can pick and choose what options and implications you would like to see.