The Personal Property Tax is assessed separately from real estate which consists of Second Home Personal Property and Business Personal Property. Individuals are entitled to an exemption for household furniture and effects at their place of domicile. The tax is assessed upon non-real estate, tangible assets, such as; furniture and fixtures, machinery and equipment, goods and materials, and other chattels not part of real estate. Personal property is assessed and taxed by the Town where the property or business is situated on the January 1st assessment date as well as to the record owner of the property as of January 1st.
The Department of Revenue requires that all Towns in the Commonwealth of Massachusetts perform an analysis of all residential Second Home Personal Property which must be completed every five years. This would include reviewing the State Tax Form 2HF (PDF).
Chatham's last revaluation was in the fiscal year 2016. Second Home Personal Property in Chatham is calculated at 2% of the building value for single-family residences and 1% for condominiums.
At the Town Meeting of May 14, 2001, voters approved Article 36 which granted an exemption of a minimum value of $10,000 for secondary homeowners and smaller commercial enterprises to receive a Personal Property Tax Bill. The value is then multiplied by the tax rate (currently $4.82 per thousand). Our Office follows the Certification Standards per Division of Local Services Informational Guideline Release Number 17-01 (PDF).