Nantucket Property Taxes on the Rise

A number of debt exclusion overrides passed this week at our local election impacting how much we all pay in property taxes. There were a total of 8 ballot questions and all 7 of the financial ones passed with the exception of $14 million for road improvements on Old South Road. Voter turnout was on the low side with only 2,219 (25%) of Nantucket’s registered voters casting their votes at this election. Nantucket enjoys one of the lowest property tax rates in the state at $3.53 per $1,000 of assessed value. Additionally over 80% of property taxes are paid by folks who do not live on island all year long and are, therefore, not using services year-round.

Here is a brief run down of what passed and the estimated tax implications:
$2.3 million for the design of a new Department of Public Works facility ($8.60 additional on the annual tax bill of the average year-round Nantucket home valued at $1.2 million for the next 20 years); $2.45 million for the renovation of the Washington Street Marine Department ($9.16 ); $3.5 million for storm water system improvements ($9.74 in additional taxes for 20 years); $5.3 million for sewer infrastructure repairs due to the force main failure in January in Town ($14.79); $1.08 million for sidewalk improvement on Sparks Avenue ($2.97) and $1.5 million for one time capital projects which will show up as a one time charge of $86.66 on next year’s property tax bills.