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.