JAY — The Jay Select Board approved a five-year agreement June 22 for yearly updates to the taxable value of Jay’s hydroelectric facilities, choosing a $6,000-per-year contract over a one-year reassessment option priced at $7,500.

The five-year agreement will cost $30,000 in total. The board discussed the need for a new valuation after last year’s full revaluation was completed while the hydroelectric facilities were not fully operational.

The agreement was presented as a way to keep the facilities’ assessed values current and provide the town with a specialized valuation should a facility owner seek a tax abatement.

Board members discussed whether the annual cost would generate enough additional taxable value to justify the expense. They also considered whether a five-year contract would better account for future changes to the facilities than ordering another review only when a change is reported.

The board considered the one-year option, which would have cost $7,500, before approving the five-year agreement at $6,000 annually.

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