If you purchase a property for less than the Town of Nantucket has it assessed for does the assessment automatically adjust down and when will this happen?
Example: You buy a home for $1 million dollars and the current assessment is $1.5 million.
The simple answer is yes, as long as the sale was an arm’s length transaction. This does not happen immediately. The Town Assessor is required to look at all sales every year for adjusting. So typically the total assessment will be reduced in order to meet state requirements. It may not adjust to the amount you paid for it. This is because the assessor is required to use formulas and comparable sales information from previous years. As Debbie Dilworth, our Nantucket Assessor tells us, “Assessments are like last years fashions, they are always a year behind.”
If you feel that your property is over assessed, the safest bet would be to file for a property tax abatement when you receive your tax bill.