Example of Nantucket County Property Tax Calculation
To calculate Nantucket County property tax, the local government uses the assessed value of the property and the current tax rate. For example, if a property in Nantucket County has an assessed value of $300,000 and the current tax rate is 1.5%, the property tax would be calculated as follows:
$300,000 x 0.015 = $4,500
Therefore, the property owner would owe $4,500 in annual property taxes to Nantucket County. It's important to note that property tax rates can vary by location and can change from year to year.
If you want appeal your property tax assessment - contact your local tax assessor.
Nantucket County Property Tax Rates
The Nantucket County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $2.80 |
| Commercial | $4.28 |
| Industrial | $4.28 |
| Personal Property | $4.28 |
Please note that these rates are subject to change and may vary based on specific property characteristics. It is recommended to consult with a tax professional for detailed and up-to-date information.
Who sets property tax rates in Nantucket County ?
Who sets property tax rates in Nantucket County?
The Nantucket County Board of Assessors is responsible for setting property tax rates in Nantucket County. This board determines the assessed value of properties and establishes the tax rate accordingly.
When are property tax rates set in Nantucket County?
Property tax rates in Nantucket County are typically set annually, during the budgeting and appropriation process. This process typically takes place in the months leading up to the start of the fiscal year, which begins on July 1st. Taxpayers can expect to receive their tax bills shortly after the new rates are set.
It is important to note that property tax rates can fluctuate from year to year, depending on a variety of factors, including changes in property values, municipal expenses, and local tax policies. Property owners in Nantucket County should stay informed about any changes to tax rates and be prepared to adjust their budgets accordingly.
When is Nantucket County Property Tax due ?
Nantucket County Property Tax is typically due on October 1st of each year. Property owners have until November 1st to make their payment without penalty.
There are several payment methods available for property owners in Nantucket County. These include:
- Online payment: Property owners can pay their taxes online using a credit/debit card or electronic check.
- Mail: Payments can be mailed to the Nantucket County Treasurer's Office. The mailing address is listed on the tax bill.
- In-person: Property owners can make a payment in person at the Nantucket County Treasurer's Office.
It is important to note that property owners who are unable to make their payment by November 1st may be subject to interest and penalties.
Overall, property owners in Nantucket County have several convenient payment options available to them for their property taxes.
If you have more questions - contact your local tax collector.
How is Nantucket County Property Tax penalty calculated ?
Nantucket County property tax penalty is calculated based on a set of rules established by the county government. The penalty is usually assessed when property owners fail to pay their taxes on time. Here is an example of how the Nantucket County property tax penalty is calculated:
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Payment deadline: The Nantucket County government sets a specific deadline for property tax payments. For example, let's say that the deadline is October 1st.
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Late payment: If a property owner fails to pay their taxes by the deadline, a penalty is assessed. In Nantucket County, the penalty is 14% of the unpaid taxes.
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Calculation of penalty: Let's say that a property owner owes $10,000 in taxes. If they fail to pay by the October 1st deadline, a penalty of 14% is assessed. So the penalty would be calculated as follows:
- $10,000 x 0.14 = $1,400
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Total amount due: The property owner would now owe $10,000 + $1,400 = $11,400.
It is important to note that the penalty continues to accrue until the taxes are paid in full. So, if the property owner waits another month to pay, the penalty would increase to 28% of the unpaid taxes.
In summary, the Nantucket County property tax penalty is calculated as a percentage of the unpaid taxes and continues to accrue until the taxes are paid in full. It is important for property owners to pay their taxes on time to avoid penalties and any additional interest charges.
Homestead exemptions in Nantucket County ?
To provide readers with a comprehensive overview of the Homestead exemptions and deductions in Nantucket County, Massachusetts, we have created a table containing all the relevant information. The table includes four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Residential Property Exemption | The taxpayer must have owned and occupied the property as their primary residence as of January 1 of the tax year. | Up to $300,000 of assessed value is exempted. | |
| Blind Persons Exemption | The taxpayer must be legally blind as of July 1 of the tax year. | $500 is exempted from the assessed value of the property. | |
| Elderly Exemption | The taxpayer must be 65 years of age or older as of July 1 of the tax year, and have owned and occupied their primary residence for at least 5 years. | Up to $1,000 of assessed value is exempted. | |
| Veterans Exemption | The taxpayer must be a veteran or a spouse of a deceased veteran who served during a period of war, and must have owned and occupied the property as their primary residence for at least 6 months. | Up to $400 of assessed value is exempted for the veteran, and up to $750 for the surviving spouse. | |
| Tax Deferral for Seniors and Disabled Persons | The taxpayer must be 60 years of age or older or have a permanent disability, and have owned and occupied their primary residence for at least 5 years. Their income cannot exceed $57,000. | The tax deferral allows eligible taxpayers to defer their property taxes until they sell or transfer ownership of their property. | |
| Workforce Housing Exemption | The taxpayer must meet income and occupancy requirements, and the property must be designated as workforce housing by the town. | The exemption amount varies based on the property and the specific workforce housing program. | |
| Community Preservation Act (CPA) Surcharge Exemption | The taxpayer must meet income requirements and own and occupy their primary residence. | The exemption amount varies based on income and the specific CPA surcharge. |
It is essential to note that the information provided in this table is specific to Nantucket County in Massachusetts. Taxpayers in other counties or states may have different exemptions or eligibility requirements.
Understanding the available Homestead exemptions and deductions is crucial for eligible taxpayers to save money on their property taxes. By reviewing the above table, taxpayers can identify which exemptions they may qualify for and take advantage of them.
We recommend contacting the Nantucket County Tax Office or a local tax professional for the most up-to-date and accurate information.