Tisbury's select board unanimously voted in December to increase the town's residential tax exemption from 18 percent to 22 percent.
The change comes as Tisbury's average assessed value jumped 35 percent for fiscal 2023. Tisbury finance director Jonathan Snyder later told The MV Times that the average assessed value for a home in Tisbury is now $1,435,392.
Based on that value, homeowners who don't qualify for the residential exemption in 2023, i.e., seasonal homeowners, would pay $10,507 in annual taxes for a sample property.
For the same assessed value, homeowners who do qualify in 2023 for the residential exemption would pay $8,196. Snyder said the fiscal 2023 tax rate for Tisbury is now $7.32 per $1,000.