Nantucket, Massachusetts Property Taxes
The median property tax rate in Nantucket, MA is 0.32%, considerably lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Nantucket at $1,706,800, the typical annual property tax bill reaches $5,476, exceeding the national median of $2,690. Property taxes in Nantucket are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nantucket's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Nantucket or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nantucket, Massachusetts Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$5,462
Ownwell’s Nantucket Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nantucket with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nantucket to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Nantucket, Massachusetts
Property taxes in Nantucket, Massachusetts, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nantucket is 0.32%, significantly lower than both the Massachusetts state median and the U.S. national median of 0.99%. Local government entities within Nantucket set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nantucket estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Nantucket's effective property tax rate to other counties in Massachusetts and the national median. For comparison, the highest median property tax rate in Massachusetts can be found in some other counties, while Nantucket enjoys one of the lowest median tax rates. Understanding how these cities compare with Nantucket provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nantucket Tax Rate
0.32%
Average Nantucket County Tax Rate
0.32%
Average Massachusetts Tax Rate
1.23%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nantucket, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02554 | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| 02564 | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Nantucket, Massachusetts
In Nantucket, Massachusetts, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Nantucket County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Nantucket, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Nantucket helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is in the 02564 zip code at $13,012, while the lowest is in the 02554 zip code at $5,474.
Property Tax Assessment Values Across Nantucket, Massachusetts
Source: Ownwell
$1,706,300
$2,880,000
$4,053,700
Average Nantucket Assessed Value
$1,706,800
Average Nantucket County Assessed Value
$1,707,200
Average Massachusetts Assessed Value
$492,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nantucket, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02554 | $845,470 | $1,179,575 | $1,706,300 | $2,792,700 | $4,268,928 |
| 02564 | $3,364,820 | $3,623,150 | $4,053,700 | $4,484,250 | $4,742,580 |
Source: Ownwell
Property Tax Bills Across Nantucket, Massachusetts
In Nantucket, MA, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, condition, and recent sales of similar properties. Homeowners in Nantucket can expect a wide range of tax bills. For instance, the median home price is $1,706,800, leading to substantial tax bills. The 25th percentile tax bill is $3,787, while the 75th percentile tax bill is $8,965, and the 90th percentile tax bill reaches $13,715. This variability significantly impacts homeowners, as those with higher-valued properties face steeper tax obligations. Comparatively, the highest median tax bill in the area is $13,012 in zip code 02564, while the lowest is $5,474 in zip code 02554. Understanding these factors can help homeowners anticipate and manage their property tax responsibilities.
Average Nantucket Tax Bill
$5,476
Average Nantucket County Tax Bill
$5,477
Average Massachusetts Tax Bill
$5,844
Average United States Tax Bill
$2,690
Property Tax Bills Across Nantucket, Massachusetts
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02554 | $2,711 | $3,786 | $5,474 | $8,965 | $13,706 |
| 02564 | $10,801 | $11,630 | $13,012 | $14,395 | $15,224 |
Source: Ownwell