Property taxes are dipping slightly this year as property values increase.

Principal Assessor Kathy Costello announced and Selectmen approved the new tax rate on Tuesday evening.

For fiscal year 2017, property owners will pay $13.09 for every $1,000 of their assessed property value. That figure is $.11 lower than 2016 and will amount to an average bill of $6,108 for a single family home or a 3.85 percent increase over the current fiscal year.

Costello said the assessed value for personal property has risen 4.5 percent to just over $1.65 billion. The average single family home is assessed at $466,640, a 4.7 percent increase.

“Our values are going up fairly dramatically,” Costello said. “We've had areas of town that have gone up fairly dramatically and some that have gone up not as dramatically.”

She said neighborhoods near the water or with waterfront views that are outside of the Federal Emergency Management Agency flood zone have seen significant increases in value. Homes inside the flood zone are seeing more moderate increases.

The only homes that have seen values drop are those on or branching off Route 6 and those in the Cove Street area.

Costello asked Selectmen to approve the tax rate as well as keeping a single tax rate, versus different rates for commercial and personal property taxes. She said a split rate would cause commercial rates to soar.

Selectmen approved the single tax rate.