While its leaders scrape the town coffers for pennies, America’s wealthiest small town just got richer, according to a report from Chilmark’s assistant assessor.

The town’s total value, based on assessments, stands at $3.1 billion in 2009, up $186 million on last year says the report.

Chilmark was deemed the richest town in the country with a population of under 10,000 in an article that ran in Business Week magazine in December.

Selectmen and Chilmark finance committee members finalized a lean budget Wednesday night, delivering a lower bottom line than last year. The $16.6 million budget is 0.38 per cent down on last year and will leave no proposition 2 1/2 override requests on the warrant at annual town meeting.

Including cuts to legal expenses and staff positions, it is the result of months of scrutiny by a frugally-minded board of selectmen and finance committee.

“We’re cutting $30 here, $20 there,” said Mr. Fenner of the process recently.

Meanwhile, the assessor’s office deals with much bigger numbers.

Though Chilmark’s wooded properties register a small drop, as the median values for land-locked homes are slightly down, waterfront properties and those with a significant water view are up significantly for fiscal year 2009, according to assistant assessor Pamela Bunker.

The assessed median home value is at $1.24 million down from $1.28 million last year.

The averages are taken from sales from 2006 to October 2008, during which there were just nine transactions. The final sale included, from Oct. 27, 2008, was a waterfront property of 3.4 acres which went for $4.3 million.

Business Week looked at home sale values to determine the wealth rankings. Asked about the article, Ms. Bunker pointed out that a different analysis is required to determine the town’s place using assessed values.

As to the effect if any of the economic crisis on this tiny, exclusive snapshot of the property market she couldn’t say. “I don’t know what the future holds,” said Ms. Bunker, adding that it is difficult to extrapolate trends from such a small amount of data.

Chilmark has 1,496 buildings on the tax rolls, of which 98 per cent are residential, with just 22 parcels of commercial property.

Working with the valuations, Ms. Bunker projected a Chilmark property tax rate for the coming year of $1.96 per thousand dollars of assessed value, up two cents on last year. Selectmen voted to adopt a single base tax rate for the town.