NH Property Tax Explanations

The following will explain how New Hampshire bills it’s property owners and when their taxes are due:

Beverly Manning was kind enough to contribute the following:
New Hampshire Real Estate Tax Rates are set by the individual towns and approved by the State of New Hampshire. The valuations of each town take place at different times.   There is a town-wide assessment of all properties every five years or so.   When the valuation has taken place, the % of valuation is 100%.  One will be able to multiply the tax assessment by the tax rate per $1,000 and that will be the yearly tax bill.

As time goes by and the valuations change with the housing market, if the values have gone down, the town may say that the tax assessment value may represent 95% of the current valuation.  We will use $100,000 as a tax assessment for comparison.  So one would need to multiply the tax assessment by 95% then times the tax rate per $1,000.   If the market values go up, then one would need to multiply the tax assessment by say 105% to get the equalized value.

So one cannot just compare the tax rate per thousand in a community unless they are aware of the % Rate of Valuation.   One community might just have been assessed while another towns’ assessment may not reflect the current value of the home.

Should you need more information, kindly call Beverly Manning, Mortgage Development Officer of Santander Bank at 603-867-9480 or email at bmanning@santander.us.
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If you feel that your assessed value is incorrect you can file an abatement. A real estate agent can help you to determine the market value of your property to give you an idea of its value.  Often, though, the value the town indicates does not match the current market value. (As an experienced real estate agent, I’ll be glad to discuss your market value with you. Betty Wright, REALTOR)

Taxes are billed by the towns either annually, semi-annually or quarterly.
The tax year is from April 1st to March 31st.  The rate, however, is set in November, retroactive back to April1st.

Annual Payments Due December 1st
Semi-annual Payments Due July 1st covers April 1st to Sept. 30th This amount is based on half of the previous year’s total, is estimated by that year’s rate.
Due December 1st covers October 1st to March 31st This payment is based on the current year’s rate, set in November, retroactive back to April 1st.  the July payment you made is deducted from the year’s total calculated tax fee.
Quarterly Payments Due April 1st For January 1st to March 31st
Due July 1st For April 1st to July 31st
Due October 1st For July 1st to September 30th
Due December 31st For October 1st to December 31st

Payments that are late are subject to interest fees.  If payments have late enough for a lien to be placed the interest rate will be higher.

 

 

 

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