ROCKPORT – Assessors set the town’s property tax rate Monday night at $10.22 per $1,000 in valuation.

Last year’s rate was $13.19 per $1,000 in valuation.

At the new rate, the annual property tax on a home valued at $150,000 will be $1,533.

In a related development, the Vision Appraisal firm of Northboro, Mass., has begun its work revaluing every property in town to bring each up to market value. The town will pay Vision $189,500 to do the work, which is expected to be completed by September 2005, assessor’s agent Tom Edward said Wednesday.

Assessment of real estate in town was a major bone of contention last year after Edwards significantly increased the value of many of the homes in the village and along Penobscot Bay to reflect, he said, the jump in prices such properties were fetching on the real estate market.

Residents complained to selectmen, and the board instead adopted a compromise that increased values east of Route 1 by 25 percent, and west of Route 1 by 14 percent. Edwards said that across-the-board correction was dropped when he computed values for the property tax bills that will be sent out next week.

With the values assigned by Edwards, the town’s total value is now almost $803 million, up from last year’s total value of $585 million.

Vision is completing its preliminary work now, Edwards said, but its staff is expected to be in the area this fall to begin inspections of properties.