People are often surprised to learn that property taxes are lower on Nantucket than in many other mainland communities. This is due to the seasonal economy in which non-resident taxpayers (those who own but do not live here all year-round) pay most of the property taxes on Nantucket (close to 82%). Additionally, Nantucket does not have to provide municipal services at the same level in the off-season as we do during the summer months when the island is at it’s most crowded. Those of us who live here year-round directly benefit from this.
The Town has recently published the property tax rates for 2022.
Residential: $3.74 per $1,000
Open Space: $3.53 per $1,000
Commercial: $6.40 per $1,000
In addition, locals also benefit from a year-round residential exemption which is $541,019 in 2022. This translates ito a savings on $2,023.41 on the property tax bill. Below is a chart showing the history of property tax rates on Nantucket.