Tax rate going down again as total island property valuation tops $20 billion - from I&M
Source: Inquirer & Mirror
Despite the cooling island real estate market, property values have continued to rise, leading to a drop in Nantucket’s tax rate for the current fiscal year…
…beginning July 1, 2007, (the property tax rate) will be $2.49 per $1,000 of assessed value…
The islands total property valuation is currently $20.38 billion, making Nantucket the fourth most valuable community in Massachusetts behind only Boston, Cambridge and Newton…
The residential tax rate was $2.84 last year, and has consistently decreased for several years.
“Values go up so the rate must go down, ” Dilworth (Town Assessor) said, referring to Proposition 2 1/2, the state law that restricts the amount of tax revenue that can be collected in a given year.
For the 1,991 island homeowners who have registered for the residential exemption, the average year-round tax bill will be $2,569.
In 2006, the average Massachusetts tax bill was $3,801, Dilworth said, and the average tax rate was $10.73 per $1,000 of assessed value.
In 2006, Nantucket had the third-lowest tax rate in Massachusetts behind Chilmark on Martha’s Vineyard and Gosnold in the Elizabeth Islands, according to the assessor’s office…
For the full story, see the Inquirer & Mirror soon (full article not currently available)
January 4th, 2008 at 1:53 am
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