Westport Island selectmen discussed setting the mil rate for tax year 2016-2017 and the bidding process for the sand and salt shed at their meeting on Monday, Aug. 29.

Chairman George Richardson Jr. explained that, based on a current valuation of $224,270,457, the mil rate will be $7.20. Despite an increase in total taxable valuation of more than $400,000 over the previous year, the new mil rate represents a decrease of $0.95, which is the lowest rate in the past three years for island property owners. Rates in 2014 and 2015 were $7.51 and $8.15.

Richardson explained that the board needed to wait until Aug. 31 to sign the official document setting the rate because computer programs need to update the information.

Asked what contributed to the mil rate decrease, Richardson explained that a final payment of $243,712 was made in March. The payment retired the $1.335 million loan obtained in 2009 to fund revenue during the island’s change from a calendar year to a fiscal year. The loan was fully paid before the contracted term.

According to Richardson, another factor contributing to the lower mil rate was the reduction of $149,000 in the town’s cost for Regional School Unit 12.