Every three years on Nantucket there is a revaluation, required by the State Department of Revenue, of all properties on-island. The revaluation is necessary to establish property values within the municipality for the purpose of fair distribution of the tax burden. Assessed values are determined by activity in the real estate market and the general economy. An analysis is done on the 2 years before the completion of the revaluation project. 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 exterior 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. Information on assessed values is available to the public. A revaluation does not necessarily increase property taxes. The tax rate is based upon the entire assessed value of the island (currently $17.1 Billion). Simplistically, the property tax revenue for the Town of Nantucket is established by calculating the total assessed value by a property tax rate (currently $3.76/$1,000 for the residential rate). For instance, if you own a property assessed at $1,000,000, your property tax bill would be $3,760 per year. The average selling price of a Nantucket property as a percentage of assessed value is now 126%. The next island-wide revaluation project will commence in January 2016.