Three more Island towns have set their tax rates for the current fiscal year that began July 1.

In Oak Bluffs, selectmen voted recently to approve a tax rate of $7.69 per $1,000 of assessed valuation. The rate represents a decrease from last year’s tax rate of $7.83 per $1,000 of valuation.

The lower tax rate reflects an increase in total property values in Oak Bluffs. According to assessors, the median single family home increased in value by approximately five per cent this year.

In an example provided by the assessors office, a home representing the median value of a single family home in Oak Bluffs would be worth $574,000 and would incur an annual tax bill of $4,414. That’s an increase of $220 over the annual tax bill for last year’s median single family home.

Selectmen also voted unanimously to keep the tax classification process as it has been in past years. All property will be taxed at the same rate.

But they engaged in broad discussion about possibly adding a residential exemption to the classification process in the future. Under state law, towns can exempt up to 35 per cent of valuation from taxes for year round residents. If the change took place it would generally result in lower taxes for year-round residents and higher taxes on vacant land and summer homes.

In Chilmark selectmen voted two weeks ago to set a tax rate of $2.90 for all five property classes: residential, open space, commercial, industrial and personal property.

Assistant assessor Pamela Bunker said 98 per cent of the town is residential. She said town property values total nearly $3.3 billion with an average assessment of $1.35 million.

In Edgartown, the tax rate will stay the same this year at $3.87 per $1,000 of valuation.

The average value of a single family home is $1.46 million and total taxable land is valued at $8.8 billion, selectmen learned on Monday. The average property value has gone up 7 per cent, assessor Alan Gowell told the board.

“While the rates have remained the same, the value of your property has gone up,” he said.

“In fact, if our property goes up any more, our rate will go down,” said selectman Arthur Smadbeck.

Tisbury and West Tisbury set their tax rates last month.