Chathams Windfall

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 The current proposal—a residential tax exemption with no income testing—shifts $5.4 million annually from part-time to year-round residents. A wealthy year-round homeowner gets the same tax break as a struggling senior. Year-round renters pay more through higher rents and get nothing back. 

The Money Story: 2015 vs. 2026

Back in 2015:

• Average home in Chatham: ~$600,000-$700,000
• Town operating budget: $27.2 million
• Property tax levy: Under $30 million
• Life was simpler and the town was still able to work within its budget

Fast forward to 2026 

(current fiscal year):

• Average home in Chatham: $1,642,816
• Town operating budget: $44.2 million
• Property tax levy: $45+ million
• Town's total assessed value: $12.3 BILLION

That's a 100-140% increase in home values and a 62% increase in the town budget in just 11 years.

 Even with Proposition 2½ limiting tax increases to 2.5% per year, Chatham's money machine went into overdrive:

Property values more than doubled (automatic tax base growth)

Operating budget jumped from $27M to $44M (62% increase)

New construction added "new growth" revenue (bypasses the 2.5% cap)

The tax base grew from millions to $12.3 BILLION

Budget Growth (2015 → 2026):

• FY2015: $27.2 million
• FY2026: $44.2 million
• Increase: $17 million (62% growth)

Property Values:

• 2015: ~$650K average home
• 2026: $1.42M average home
• That's a 119% increase

 Chatham  Tax Revenue:

• 2015: ~$27M from property taxes
• 2026: ~$45M from property taxes

•  • That's a 67% jump

• More revenue than ever
• Property values at record highs
• Budget that grew 62% in 11 years
• AAA credit rating
• Healthy reserves

What Chatham has is a spending question:

Should we spend $5.4 million annually helping everyone equally (including people making $300K/year)?

Or should we spend $800K helping those who actually need it?

Chatham's budget grew FASTER than inflation:

• 11 years, 62% growth
• That's 5.6% average annual growth
• Well above the 2.5% Prop 2½ cap
• Well above inflation (~2-3% average)

Translation: Chatham didn't just keep up—it thrived. Revenue exploded from new growth, rising values, and a tax base that hit $12.3 billion.

And NOW they claim we can't afford targeted relief? 🤨

This comparison makes it crystal clear: Chatham has the money. They're just choosing to spend it irresponsibly.