Visual Data

Nantucket Budget Infographics FY2023

July 1, 2022 - June 30, 2023

The Big Picture

Nantucket's FY2023 General Fund Budget

$116M
Operating Budget
$13.2M
From Visitors
$3.21
Tax Rate/$1,000
$17M+
Capital Projects

Where the Money Came From

Revenue Sources for FY2023

$116M
Total Revenue
81% Property Tax (~$94M)
11% Rooms & Meals Tax ($13.2M)
3% State Aid (~$3.5M)
2% Motor Vehicle (~$2.3M)
3% Other Receipts (~$3.5M)

Revenue Breakdown

Comparing the five major revenue sources

Property Tax
81%
~$94M
Rooms & Meals
11%
$13.2M
Other Receipts
3%
~$3.5M
State Aid
3%
~$3.5M
Motor Vehicle
2%
~$2.3M

Your Contribution as a Visitor

How tourism dollars flowed into Nantucket's FY2023 budget

🏖
Your Hotel Stay
+ Restaurant Meals
💰
Rooms & Meals Tax
$13.2 million
🏝
Town Services
11% of budget
$13.2M

Visitor Tax Revenue

The combined rooms and meals tax collected from hotels and restaurants

>11%

Share of Budget

Portion of Nantucket's general fund that came from visitor spending

$4.8M

Summer 2023 STR Tax

Record-breaking short-term rental tax in June-August 2023

Where the Money Went

Major expense categories for FY2023

Schools
Town Staff
Insurance
Ops
Retire
Other/Debt
Schools ~$28M
Town Salaries ~$20M
Medical/Insurance ~$18M
Operations ~$9M
Retirement ~$5.5M
Other/Debt Service
Schools
~$28M
Salaries
Town Staff
~$20M
Salaries
Insurance
~$18M
Benefits
Operations
~$9M
Day-to-day
Retirement
~$5.5M
Pensions

Services That Affect Your Visit

What your tax dollars help fund

🏖
Beach Maintenance
🚌
NRTA Shuttle
🚶
Bike Paths
🚓
Roads
🚖
Police
🚒
Fire & EMS
🚽
Restrooms
Harbor

Property Tax Context

Tax rates for FY2023

$3.21
Residential Rate
$5.46
Commercial Rate
$3.05
Open Land Rate
$3,210

$1M Home Tax Bill

Annual property tax on a home valued at $1 million

$16,050

$5M Home Tax Bill

Annual property tax on a home valued at $5 million

Top 4

Massachusetts Ranking

Nantucket ranks among the top 4 in property valuation in MA

Capital Projects & Overrides FY2023

Major investments approved at 2023 Town Meeting

$17M+
Capital Budget
$6.5M
Housing Trust
$4.6M
Wauwinet Bike Path

The affordable housing override added ~$211 to the average homeowner's annual tax bill.

Data Sources

All figures from official Town of Nantucket documents