Christmas has come early for Edgartown taxpayers, who will see an estimated 16 per cent decrease in their tax rate for the 2020 fiscal year.

At a meeting Monday, Edgartown selectmen unanimously voted to approve a single residential and commercial tax rate, estimated at $3.35. The fiscal year 2019 and 2018 tax rates were $3.87.

Edgartown traditionally has used a single tax rate for commercial and residential properties. Despite discussion at the meeting Monday, that won’t change for fiscal year 2020.

Town assessor Jo-Ann Resendes presented selectmen with various scenarios that showed the effects of an increased commercial tax rate. She said a 50 per cent increase in the commercial class tax rate would have led to a $3.24 rate for residential payers, for instance.

But because the town’s taxable property is 94 per cent residential, selectmen felt changing the single rate system was unnecessary.

“I would say the way we’ve been doing it is a fair way to continue doing it,” selectman Arthur Smadbeck said.

Chris Scott, who serves on the town board of assessors, said keeping a single-rate system was also the board’s informal recommendation.

“We discussed it,” Mr. Scott said. “We didn’t take a formal vote but we felt the same way.”

For a home valued at $500,000, tax bills will come in at $1,675 for the 2020 fiscal year. Assuming home values didn’t change, that represents a $260 decrease from the 2019 tax bill, set at $1,935. However, because most homes change in value, the change in tax rate may not equate to an equal drop in the size of most residential tax bills.

Town administrator James Hagerty added that the town had also approved two $1 million warrant articles for bonds that were not yet complete. Once issued, those bonds would also lead to potential tax rate decreases for fiscal year 2021, Mr. Hagerty said.

The drop in the tax rate is due to multiple factors, according to Mr. Hagerty, including the town budget, a ten per cent decrease in the town’s tax levy and a nearly six per cent increase in the town valuations. According to Ms. Resendes, total town valuations increased from $8.885 billion to $9.399 billion.

“At the numbers we’re talking about, it makes a big difference in the tax rate,” the assessor said. “Your town value is now around $10 billion. You’re getting up there.”