WOODSTOCK – The Board of Selectmen set the tax rate Friday at $10.50 per $1,000 of valuation, a drop from $15.30 last year.

Despite the lower rate, 80 percent of taxpayers are facing a significant rise in their property taxes because the total valuation has risen $46,142,485, to $115,480,300. The increase is due to a townwide revaluation done last winter to bring the town in line with recommended state guidelines.

Town Manager Vern Maxfield explained that the updated valuation was necessary in order for the town to continue receiving state reimbursements.

Factors in this year’s tax rate, he said, are:

• Total valuation, with $2,030,000 in Homestead Exemptions, is $117,786,455, up $46,142,875.

• Oxford County tax $66,122, up $4,304.

• Municipal appropriations $901,608, up $145,908.

• School appropriations for SAD 44 $710,364, up $50,418

• Net to be raised $1,209,169, up $115,749

The new tax rate will provide an overlay of $27,588 to cover unanticipated expenses for the year.

Maxfield said tax bills will be mailed Wednesday, Sept. 29.