OWLS HEAD, Maine — A majority of property owners will see lower assessments and tax bills this fall but a large number will see an increase following a market adjustment of values.

Letters will be mailed Friday to those people whose property values — and tax bills — are expected to increase, according to Assessors Agent Tom Edwards. He said Tuesday that letters will not be sent to property owners who will see a decrease or no change.

Of the 1,360 properties in town, approximately 700 will decrease in value by varying percentages, the assessors agent said. There will be increases for approximately 600 properties, again by varying percentages. About 60 properties will see no change in value.

The town’s property tax rate is expected to remain for the third straight year at $9.85 per $1,000 of valuation.

Edwards met with selectmen Tuesday afternoon to discuss the status of the adjustment in property values to align with sales over the past five years. The last time that there was a town-wide adjustment in values was in 2004-2005 during a complete revaluation.

In general, high-end properties, many on the water or with water views, will see the increases, Edwards said.

The new values being sent out in the letters are preliminary and property owners have the right to meet with the assessors agent to discuss them. The property owners can contact the town office to make appointments with Edwards. He will be in the town office Aug. 12-14 and 19-21.

The tax rate will not be formally set by the town until after the school budget is ratified and the town budget is approved at town meeting. The Regional School Unit 13 budget referendum is scheduled for Tuesday, Aug. 13, at the polls in the six member communities. The annual town meeting in Owls Head is scheduled for Aug. 26.

The new assessments will be posted Friday on the town’s website.