NANTUCKET FACTS: Nantucket is the only community in the Commonwealth that is both a Town and a County. The island of Nantucket has 10,172 residents according to the last Census, done in 2010. The total area of the island is 44.97 square miles. The population per square mile is 226.2 people. The total assessed value of all property on Nantucket is over $17 billion dollars. Nantucket has one of the lowest property tax rates in the state: $3.58 per $1,000 of assessed value for residential and $6.41 for commercial properties. The Nantucket Land Bank owns 2,707 acres of land with an additional 370 acres permanently protected by conservation restrictions. The Land Bank is funded by a property transfer fee of 2% on the sale of all real estate on Nantucket (with some exemptions). Since its inception in 1984, the Land Bank has spent over $219 million on land purchases on the island. The total amount of conservation land on Nantucket is approaching 50% of the island.