Martha’s Vineyard tax rates vary from town to town but are among the lowest in the state of Massachusetts.
When considering a purchase on Martha's Vineyard, people are always pleasantly surprised to learn how low the real estate taxes are. Because many of the tax payers only live on the Island seasonally, they are not using the services that their tax dollars are normally used for throughout the year. Therefore, we are able to have more limited spending and keep the tax rates very low.
What does MIL mean? MIL stands for millage. One mill is equal to 1/1000th. The millage rate or MIL rate is synonymous with local tax rates on Martha's Vineyard. The tax rate is multiplied by your property value (assessed value determined by the tax assessor) to calculate your annual property taxes.
For example: a residential property in Edgartown that has been assessed at $1,000,000 in 2021 is taxed at a residential mil rate of 328 mils. To determine the amount of property tax that is paid on that house, you multiply the assessed value by the mil rate. $1,000,000 x .00328 = $3,280.
Here are the tax rates for the past few years:
Note: Tisbury and Oak Bluffs offer a Residential Exemption, which is a percentage of the Average Assessment. Ask for more details if you are considering a purchase in Vineyard Haven/Tisbury.
Please do not hesitate to contact us if you have any questions or would like more information about real estate on Martha's Vineyard.
508.212.8278 | [email protected] | ohanlongroup.com
