People are often surprised at how low property taxes are on Nantucket. The primary reason for this is that over 80% of our taxes are paid by non-resident tax payers who are not using Town services on a year-round basis. Every three years the State Department of Revenue requires a revaluation of all of the properties on-island in order to establish property values for the purpose of fair distribution of the tax burden. The assessed value is determined by activity in the real estate market and the general economy for the three years leading up to the revaluation project. The latest revaluation will reflect market values as of January 1, 2012 and will consider market activity during 2009, 2010 and 2011 – some of the worst years during the recession. Factors that are examined for each property are: location, size, quality of construction, age of improvements, topography, utilities and zoning restrictions. The data collection phase of the project includes physical inspections of properties. Appraisers then view the collected data and apply determining factors of sales analysis to come up with a value for each property. Assessed values for the entire island are available to the public. A revaluation does not necessarily increase property taxes. If the values go down, the rate goes up and the converse. Simplistically, the property tax revenue for the Town of Nantucket is established by calculating the total assessed value by a property tax rate (currently $3.62/$1,000 for the residential rate). For instance, if you own a property assessed at $1,000,000, your property tax bill would be $3,620. per year. The Town unveiled a new senior citizen work program that will allow Nantucket residents over the age of 60 to receive a credit of up to $750 on their tax bills in exchange for volunteer work performed for the town. To qualify, an applicant must meet the age requirement and be the owner of record of a Nantucket home used as a residence. Tax Rate History Chart