The new assessments for all real estate on Nantucket have been published and can be seen at the Appraisal Vision Database. These assessments are supposed to reflect market value as of January 1, 2009 and are based upon the three years of market activity leading up to that date. Don’t confuse assessed value with appraised value which is typically much closer to the market value of property. Assessments are required for the purpose of setting the local tax rate in an equitable manner across all property owners. The last assessment period concluded in January 2006 and total island property was valued at $20.8 Billion at that time; today it is $20.1 Billion. I would have thought it had declined more but the revaluation period did not include 2009 which was a rather challenging year for real estate on Nantucket.
