By: Marion Roland Conley, Sales and Rental Associate
Asking Price: $1,285,000
5 bedroom/3 bathroom house located on a very private street off Cliff Road. Spacious indoor and ourdoor living. Mature plantings. Convenient to Step Beach, Jetties Beach and Town. Must be seen to truly understand the opportunities.
By: Marion Roland Conley, Sales and Rental Associate
Recently, NAREB, the Nantucket Association of Real Estate Brokers, invited the Nantucket Tax Assessor to make a presentation on the in’s and out’f of the tax rate and assessments.
Rather than take all your time with the complete presentation I thought I’d give you some headlines:
NANTUCKET ENJOYS ONE OF THE LOWEST TAX RATES IN AMERICA!
2011 Tax Rate
Residential $3.58 per thousand
Open Space $3.42 per thousand
Commercial $6.41 per thousand
Tax breakdown between seasonal and non-seasonal residents
10% paid by year around residents
20% paid by island owned investment property owners
70% paid by second home and investment property owners (non-Nantucket residents)
Full time, primary, owner occupied homes enjoy a residential exemption.
By law that exemption can only be 20% of the average residential home value. In 2011 that is $1,524.960 for a deduction of $304,992.A
All assessments are a rear-view mirror on the market.
Every three years the market revalued.
2011 was just completed based on 2009 sales.
2013 will be the next revalue based on 2010 sales.
If you have further questions or wish the complete presentation, please contact me at marion@countryvillagere.com
(source:Nantucket Tax Assessor)