The Oak Bluffs select board adopted a tax rate of $5.21 per every $1,000 of assessed property value for fiscal year 2023, continuing a years-long trend of cutting property tax rates in town.

The new tax rate, Oak Bluffs principal assessor Kristina West showed in a presentation to the board this week, is the lowest in decades.

Also this week in a continuation of a tax rate hearing that began Tuesday, the board opted to adopt an eight per cent residential tax exemption for properties that are a homeowner’s principal residence. The exemption is expected to apply to about 800 properties, totalling $90,000 in savings for Oak Bluffs year-round residents.

The cost of the exemption will be paid for by taxes on just under 3,000 remaining properties in town, whose owners are expected to pay an effective tax rate of $5.28 for every $1,000 of assessed value.

—Aidan Pollard