MIDDLEBORO — The owner of a single-family home valued at $504,184 will pay about $256 more in taxes next year, based on a tax rate presented to the Select Board. 

 The town has set a tax rate of $13.41 per $1,000 of assessed residential property value. 

Board members agreed at their Oct. 21 meeting to a separate tax rate of $14.21 per $1,000 value for commercial properties. This figure represents a five percent increase over the rate set for residential properties.

 One reason the town recommended having two separate rates for residences and businesses, known as a split tax rate, was to offset the financial burden on residents who are already facing increases in water rates, Town Manager Jay McGrail said.

This year’s residential tax rate has slightly decreased from the $13.54 per $1,000 rate set last year. But because of the increase in property values, taxes will still increase for most property owners.

Condo owners will pay an average of $309.66 more in taxes next year. Two-family home tax bills will increase an average of $185.54.

 The vast majority of real estate in town— about 85 percent— is residential. Select board member Brian Giovanoni noted this is “extremely unbalanced.’’

Select board member Teresa Farley said she supported the split tax rate for this year but she would like further discussion on the issue going forward. “I don’t want to price businesses out,’’ she said.