Martha’s Vineyard tax rates vary from town to town. Most people are pleasantly surprised when they find out what the taxes will be at properties they are considering.
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.
Please do not hesitate to contact us at Tel: 508.212.8278 or Email: firstname.lastname@example.org if you have any questions or would like more information about real estate on Martha's Vineyard.
Here are the tax rates for the past few years for each town
Note: Tisbury offers 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.