Chatham Releases Preliminary Property Value Update; Review Period Ends Aug. 20

CHATHAM – Preliminary property values based on a year-long revaluation have been released by the assessing department.
The new values, available on the assessing department’s page of the town’s website and at the town offices, are subject to change during a week-long disclosure period that began Aug. 14 and ends Aug. 20.
The town’s total property value increased 4.28 percent to $12,869,745,240, according to the assessing department. The new values are based on sales between Jan. 1, 2023 and Dec. 31, 2024.
According to a public disclosure issued by the board of assessors this week, the value of single-family homes increased by 3.7 percent, condominiums were up by 6.2 percent, apartments increased by 2.2 percent, commercial property went up 3.8 percent and industrial property increased by 6.4 percent. Individual parcel values may vary from the average due to differences among properties, new construction and market trends for specific characteristics, according to the statement.
The values have preliminary approval from the Massachusetts Department of Revenue (DOR) and await final certification. Although property values are reviewed annually based on sales data, this full revaluation of real and personal property is conducted every five years and involves the DOR closely examining values and the assessing methodologies used by the town, according to the statement.
The goal, according to the statement, is to peg values at 100 percent of market value. 
Once certified, the new values will apply to tax bills for fiscal 2026, which began in July. The select board is scheduled to hold a hearing on Sept. 2 to set the new tax rate, which is likely to drop due to the increase in property values. The current tax rate is $3.47 per $1,000 in valuation, one of the lowest in the state.
To find the new values, visit www.chatham-ma.gov/158/Assessing and click on Assessors Online Database in the left menu. Property owners with questions about their valuation or who wish to obtain a copy of their property record card can call the assessing department at 508–945-5103, between 8 a.m. and 4 p.m. Monday through Friday.