Nantucket County Property Taxes
The median property tax rate in Nantucket is 0.32%, significantly lower than both the national median of 0.99% and the Massachusetts state median of 1.23%. With the median home value in Nantucket, the typical annual property tax bill reaches $5,477, which exceeds the national median of $2,690. Property taxes in Nantucket are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Nantucket's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Nantucket or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nantucket County Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,460
Ownwell’s Nantucket Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Nantucket with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Nantucket to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Nantucket County, Massachusetts
Property taxes in Nantucket play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Nantucket is 0.32%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Nantucket set these rates annually, and they can vary significantly between different areas within the county. Each year, Nantucket estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. Analyzing how Nantucket's tax rates stack up against national benchmarks can give homeowners a better understanding of the local tax landscape.
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 County, Massachusetts
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Nantucket | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Siasconset | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Nantucket County, Massachusetts
In Nantucket County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Nantucket County Appraisal District. The assessed value, however, 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. Assessment notices in Nantucket County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Siasconset has the highest median tax bill at $11,667, while Nantucket has the lowest at $5,476. Being aware of these valuation processes in Nantucket County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Nantucket County, Massachusetts
Source: Ownwell
$1,706,300
$2,880,000
$4,053,700
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 County, Massachusetts
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Nantucket | $845,690 | $1,179,650 | $1,706,800 | $2,793,000 | $4,270,360 |
| Siasconset | $2,056,340 | $2,648,150 | $3,634,500 | $3,983,700 | $4,193,220 |
Source: Ownwell
Property Tax Bills Across Nantucket County, Massachusetts
In Nantucket County, MA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. Various factors influence the assessed value, including the market value of the property, its size, location, and any improvements made. For instance, the median home price in Nantucket County is $1,707,200, which significantly impacts the tax bills. Homeowners in this county can expect a wide range of tax bills, with the 25th percentile at $3,787 and the 75th percentile at $8,966. The 90th percentile reaches up to $13,719, illustrating the variability based on property characteristics. Comparatively, the national median property tax rate is 0.99%, but Nantucket County's high property values result in substantial tax bills. Homeowners in Siasconset face the highest median tax bill at $11,667, while those in Nantucket city experience the lowest at $5,476. This variability underscores the importance of understanding how local assessments and property values influence tax obligations.
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 County, Massachusetts
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Nantucket | $2,712 | $3,787 | $5,476 | $8,965 | $13,715 |
| Siasconset | $6,601 | $8,500 | $11,667 | $12,788 | $13,461 |
Source: Ownwell