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• Schools need money to operate effectively. • Police and fire departments also require proper funding. • In Chatham, the town calculates that due to property value assessments and other factors, we need $44.6 million this year to address the community's needs, which will impact Chatham tax rates and property tax calculations.

• Total property value in Chatham: $12.16 billion

• Math: $44.6M ÷ $12.16B = $3.67 per $1,000 of value

• This represents your Chatham tax rates based on the property value assessment, which is essential for understanding the property tax calculation.

• If EVERYONE's property value assessment doubles but the budget stays the same... • The Chatham tax rates drop in half • You still pay the same dollar amount.

• The $44.6M total collected from Chatham tax rates remains unchanged. • The change only affects WHO pays it. • This adjustment takes $1.87 billion off year-round properties in the property value assessment. • To collect the same $44.6M, the rate must be raised to $4.34. • Part-time residents will pay the higher rate based on full value, while year-round residents pay a higher rate on the reduced value.

This isn't about raising or lowering total taxes; it's about shifting the burden from one group to another. The town still collects $44.6 million. The RTE just changes who writes the checks. Here's how we calculate the transfer based on Chatham tax rates: Part-time property valuation is approximately $8 billion (66% of $12.16 billion). The property tax calculation shows a tax rate increase from $3.67 to $4.34, which results in a difference of $0.67 per $1,000. Therefore, the annual shift amounts to $8B × $0.67/$1,000 = $5,360,000.