02554 Property Tax Rate

Property owners in ZIP code 02554 (Nantucket, Massachusetts) pay a median of $2,970/year in property taxes on homes valued at $1,386,100. This translates to an effective tax rate of 0.21%, which is 81% below the Massachusetts state average of 1.13%.

The monthly property tax burden for a median-valued home in 02554 is approximately $248, which factors into escrow payments on mortgages. This ZIP code is located within Nantucket County. This is $2,762 less than the Massachusetts average of $5,732/year.

Compared to similar ZIP codes in Massachusetts, 02554 has lower property taxes. ZIP codes with similar effective rates include 02564 (0.23%) and 02142 (0.18%).

In Nantucket, property taxes represent approximately 2.4% of the median household income of $125,524, providing context for the relative tax burden on homeowners in this area.

Massachusetts has no statewide property tax cap; Nantucket County reassesses properties regularly to current market value. Chapter 59 exemptions for seniors (65+), veterans, and surviving spouses are available—apply to the Nantucket County Assessor's office by October 1 with proof of age, military discharge, or surviving spouse status. File your exemption application immediately after purchase to lock in savings, and verify the Community Preservation Act surcharge rate for Nantucket town, as it directly impacts your annual bill.