Residential tax exemptions are allowed under state law as a way to shift some of the tax burden away from property owners in a town who call that town their primary residence.
The drop is largely due to increasing property values, according to the town.
Year-round Tisbury homeowners will see their property tax rates reduced by a further six per cent, after the town select board voted Wednesday afternoon to raise the town’s residential exemption.
The tax rate for property in West Tisbury will decline in 2022 after the town select board accepted a new tax rate of $5.82, down from $6.10 this year.
Facing a budget shortfall, county leaders agreed this week to seek additional funding from Island voters to help balance a $1.74 million budget.
Eight previously tax-exempt organizations have been added to Tisbury tax rolls prompting new expressions of concern and confusion from leaders at the nonprofits.