Personal Property Tax
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 & fixtures, machinery & equipment, goods and materials, and other chattels not part of real estate. Personal property is assessed and taxed by the Town where the property is “situated” on the January 1st assessment date as well as to the Record Owner of the property as of January 1.
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 Form of List (State Tax Form 2HF) that are mailed yearly to all accounts. Chatham last revaluation was in FY2016. Second Home Personal Property in Chatham is calculated at 2% of the building value for single family residences and 1% for condominiums. At Town Meeting of May 14, 2001 voters approved Article 36 which granted an exemption of a minimum value of $10,000 for secondary home owners and smaller commercial enterprises to receive a Personal Property Tax Bill. The value is then multiplied by the tax rate (currently $4.85/thousand). Our Office follows the Certification Standards per Division of Local Services Informational Guideline Release (IGR) No.17-01 April 2017.
Second Home Personal Property Tax
Business Personal Property Tax