People are frequently shocked to find that Nantucket has cheaper property taxes than many other communities on the mainland.
People are frequently shocked to find that Nantucket has cheaper property taxes than many other communities on the mainland. This is a result of the island's seasonal economy, in which non-resident taxpayers—those who own property but do not reside here year-round—pay the majority of the property taxes (almost 82%) on Nantucket.
Furthermore, Nantucket is not required to provide municipal services at the same level year-round, just during the summer when the island is busiest. Those of us who reside here permanently gain directly from this.
Take a look at the 2022 Nantucket Property Tax Rates:
Residential: $3.74 per $1,000
Open Space: $3.53 per $1,000
Commercial: $6.40 per $1,000
Additionally, locals get an annual residential exemption worth $541,019 in 2022. What does this mean in tax savings? It is about $2,023.41 on the property tax bill. Want to see the history of property taxes on Nantucket? Take a look at these images below.