Edgartown assessors expect the town’s tax rate to rise substantially this year, reflecting a decrease in the value of real estate.
Assessors told selectmen Monday they estimate the new tax rate will be $3.40 per $1,000 of assessed value. The current rate is $3.09 per thousand.
State tax officials must approve the most recent adjustments in valuation and growth before the tax rate will be officially set.
Taxable real estate in Edgartown is currently valued at $6,563,000,000, according to assessors. That figure does not include the value of real estate exempt from taxes.
The value of property in the town has fallen by $184 million.
The tax rate increase does not mean individual tax bills will increase. When valuations decline, the tax rate must increase, if the town wants to raise the same amount of revenue.
Also Monday, selectmen voted to continue the practice of taxing residential and commercial property at the same rate. The vote is subject to approval by state regulators.