The Big Picture: FY2024
FY2024 saw continued growth in Nantucket's budget, driven by rising property values and strong tourism revenue. The town's operating budget of $131 million represented the resources needed to run all municipal services for the year.
| Operating Budget | $131 million |
| Capital Projects | $16.2 million |
| Town Meeting Vote | 332 - 105 |
Where the Money Came From
Like FY2025, property taxes dominated Nantucket's revenue in FY2024. The room occupancy tax from hotels and short-term rentals contributed over 10% of total revenue.
Revenue Breakdown (FY2024)
| Source | Amount | Share |
|---|---|---|
| Property Tax | $118.3 million | 81% |
| Rooms & Meals Tax | $13.6 million | 9% |
| State Aid | ~$4.5 million | 3% |
| Motor Vehicle Excise | ~$3.1 million | 2% |
| Other Local Receipts | ~$5.7 million | 4% |
Room Occupancy Tax
In FY2024, room occupancy tax from hotels and short-term rentals exceeded $13.6 million - more than 10% of total revenue. This tax, implemented for short-term rentals in 2019, has become a significant funding source for town services.
Where the Money Went
The largest expense categories remained education and town employee compensation, followed by benefits and day-to-day operations.
Major Expense Categories (FY2024)
| Category | Amount | Notes |
|---|---|---|
| School Salaries | ~$30 million | Teachers and school staff |
| Town Salaries | ~$22 million | Municipal employees |
| Medical & Insurance | ~$20 million | Employee benefits |
| Operations | ~$10 million | Day-to-day costs |
| Retirement | ~$6 million | Pension obligations |
Capital Projects: FY2024
In addition to the operating budget, voters approved $16.2 million in capital projects at the 2024 Town Meeting:
- Affordable Housing Trust: $1 million
- Fire Department Ladder Truck: $2 million
- Sidewalk Improvements (DPW): $1.1 million
- Various Vehicles & Equipment: Remaining funds
A proposed $3 million for employee housing feasibility study was rejected by voters, falling short of the required two-thirds majority.
Property Tax Context: FY2024
- Total Property Valuation: ~$38.9 billion
- Residential Tax Rate: $3.13 per $1,000 assessed value
- Commercial Tax Rate: $5.30 per $1,000 assessed value
- Average Single-Family Tax Bill: $10,138 (up 18% from FY2023)
While the tax rate decreased slightly from the prior year ($3.21 to $3.13), average tax bills increased 18% due to rising property valuations.
Comparison to FY2025
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Operating Budget | $131M | $152M | +16% |
| Property Tax Revenue | $118M | $121M | +2.5% |
| Rooms & Meals Tax | $13.6M | $14.5M | +7% |
| Residential Tax Rate | $3.13 | $3.28 | +5% |
Data Notes
Some FY2024 expense figures are estimates based on historical trends and available documentation. Property tax and room occupancy tax figures are from official town sources. For detailed line-item budgets, consult the official town budget documents.
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