The Oak Bluffs select board voted last week to adopt a 15 per cent residential tax exemption for fiscal year 2024, lowering property taxes on homes that are a person’s primary residence.

The exemption is a 7 per cent increase of last year’s rate, and is designed to ease the tax burden for year-round residents, said principal assessor Kristina West. It is expected to apply to at least 786 properties and save homeowners an estimated average of $790 each, depending on their property’s value.

The cost of the exemption will be countered by higher taxes — an average of $160 — on non-qualifying properties, including vacant land, domiciles that exceed $7,148,331 in value and homes occupied only part time.

Applications for the residential tax exemption can be accessed on the board of assessors page on the Oak Bluffs town website.