Taxes on homes in Grindstone Neck, such as this one, reflect their exclusive address.—STAFF PHOTO BY JACQUELINE WEAVER

WINTER HARBOR — Property owners in Grindstone Neck, which is the priciest neighborhood in town, will pay almost 50 percent more in property taxes this year.

Owners of waterfront property elsewhere in Winter Harbor will see a nearly 10 percent property tax hike.

Those homeowners who are not on the water will pay about 2.5 percent more in property taxes.

Those figures were provided by Town Manager Roger Barto, whose office mailed out tax bills Sept. 26.

He said the bills were 10 days late getting out because the town had to wait for RJD Appraisal of Pittsfield to complete its job.

The figures are based on an interim revaluation, known as a “factored revaluation.”

In a full revaluation, which generally occurs every 10 to 15 years and last was conducted in Winter Harbor in 2005, assessors visit each property.

In a factored revaluation, assessors look at sales figures and the neighborhoods in which the property is located.

A factored revaluation is in order, Barto said, when there is a sizeable discrepancy between what the state and the town have on record for local assessed property values.

In this instance, the assessed value of property in Winter Harbor was 44 percent less than the state’s figures.

“It’s tough to stay up with the state,” Barto said. “They base everything on sales. They don’t look at neighborhoods or other mitigating factors.”

In the last three years, he said, the price of property in Winter Harbor continued to escalate.

Also adding to the increase in values was the sale and resale of homes in town formerly owned by the U.S. Navy.

Selectmen last week voted to reduce the property tax rate from $6.49 per $1,000 valuation, to $4.75.

“The selectman thought that meeting our obligation and holding the tax rate down was the way to go,” said Chairman Diana Young.

The town’s budget is $1.34 million. Revenue from the revaluation will total $1 million.

Barto said the shortfall will come from excise taxes, other fees, revenue sharing and other sources.

“The whole basis of taxation is to be fair,” Barto said. “This levels the playing field again.”

He said any resident who has questions about his or her property tax bill can call the town hall and make an appointment to meet with the assessors.