Tisbury and West Tisbury have both approved their tax rates for the year.
West Tisbury selectmen recently approved a single tax rate of $5.97 a slight decrease from last year’s rate of $6.06 per $1,000 valuation.
Principal assessor Dawn Barnes said the decrease was due to an increased excess levy capacity. Under the new rate, the annual tax on a property valued at $500,000 will decrease from $3,030 to $2,985.
The average value of a single family property in West Tisbury is $1.3 million.
Meanwhile, in Tisbury, the tax rate also fell slightly from last year. The rate on residential properties is $9.11, compared to $9.17 last year. The rate on commercial properties is $8.55 compared to $8.57 last year. As in years past, the town will continue to offer an 18 per cent residential exemption for qualifying homeowners.
The average property valuation in Tisbury is $829,209. About a third of properties in Vineyard Haven qualify for the residential exemption.
Tisbury is the only Island town with a split tax rate and a residential exemption, although in West Tisbury, longtime assessor and board chairman Michael Colaneri said there is growing interest in some kind of residential exemption.
This article appears in December 16, 2016.