The Town of Nantucket reviews and adjusts, if necessary, property values every year for the purpose of fairly allocating the property tax burden. Every three years the State Department of Revenue certifies that values are at an acceptable level of market and that they were developed by the use of acceptable appraisal standards. Since 2005 the state has mandated “interim year adjustments” effectively making every year a revaluation year. For Fiscal Year 2016, assessments are based on ownership and condition of the property as of January 1, 2015 and market activity in 2014. This means that the assessments typically are a year behind the market conditions. The average residential value increased 8% between FY 2015 and 2016. Property Taxes 2016