If you are a year round Nantucket resident and own and occupy a home as your primary residence, you can request a year round exemption on your property taxes. This credit will save you $1,092 on your 2011 tax bill. Everyone who qualifies receives this same discount regardless of the property’s assessment.
Seventeen communities in the State of Massachusetts currently offer these exemptions. They tend to work best in resort communities such as Nantucket. The exemption is not to exceed 20% of the average value of all the homes in the residential property class. This percentage and the exemption are annually voted on by the Board of Selectman during the Tax Classification Hearing. $1,524,960 was the average residential value for the fiscal year 2011.
In 2011 there are approximately 2,272 of these approved exemptions. Please be aware that LLCs, Limited Liability Corporations do not qualify and Trusts can qualify with proper documentation. For further information and an application please contact the Assessor’s Office at 508-228-7211. Please note the deadline is March 12th 2011.