Property Taxes: Difference between revisions
AvoidantDRS (talk | contribs) (Created page with "category:taxes =New Hampshire Property Taxes= New Hampshire has a property tax assessed on physical real estate. Property Taxes contain multiple components, and different property types are taxed differently. The State-level property tax is consistent across the state, while localities vary widely. Statewide Property Taxes are estimated to make up [https://www.nh.gov/transparentnh/where-the-money-comes-from/index.htm 11%] of State Yearly Revenue. ==Property Taxes Ov...") |
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New Hampshire has a property tax assessed on physical real estate. Property Taxes contain multiple components, and different property types are taxed differently. The State-level property tax is consistent across the state, while localities vary widely. Statewide Property Taxes are estimated to make up [https://www.nh.gov/transparentnh/where-the-money-comes-from/index.htm 11%] of State Yearly Revenue. | New Hampshire has a property tax assessed on physical real estate. Property Taxes contain multiple components, and different property types are taxed differently. The State-level property tax is consistent across the state, while localities vary widely. Statewide Property Taxes are estimated to make up [https://www.nh.gov/transparentnh/where-the-money-comes-from/index.htm 11%] of State Yearly Revenue. | ||
==Property Taxes | ==State Property Taxes== | ||
===Statewide Education Property Tax (SWEPT)=== | ===Statewide Education Property Tax (SWEPT)=== | ||
The State mandates each locality collect a portion to be paid towards Education. It is required that the levy raises a total of [https://www.nh.gov/transparentnh/glossary/education-property-taxes.htm $363,000,000] per year across the whole state, and rates change every year in order to achieve this. It is a [https://www.revenue.nh.gov/taxes-glance/statewide-education-property-tax Statewide Education Property Tax uniform rate] which the New Hampshire Department of Revenue Administration orders all Selectmen to levy in their towns in addition to local taxes. In the case of unincorporated regions, this component is offset with a [https://www.nhbr.com/state-education-property-tax-on-trial-again/ negative local tax rate equivalent to this rate]. | The State mandates each locality collect a portion to be paid towards Education. It is required that the levy raises a total of [https://www.nh.gov/transparentnh/glossary/education-property-taxes.htm $363,000,000] per year across the whole state, and rates change every year in order to achieve this. It is a [https://www.revenue.nh.gov/taxes-glance/statewide-education-property-tax Statewide Education Property Tax uniform rate] which the New Hampshire Department of Revenue Administration orders all Selectmen to levy in their towns in addition to local taxes. In the case of unincorporated regions, this component is offset with a [https://www.nhbr.com/state-education-property-tax-on-trial-again/ negative local tax rate equivalent to this rate]. | ||
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Brookline, as a final example, was ordered to raise $1,283,080, which would have been the same average rate of $1.220/$1000. They ended up charging a total $1.12/$1000 in order to raise $1,281,549. The remaining deficit for this town is made up for with its utility properties. | Brookline, as a final example, was ordered to raise $1,283,080, which would have been the same average rate of $1.220/$1000. They ended up charging a total $1.12/$1000 in order to raise $1,281,549. The remaining deficit for this town is made up for with its utility properties. | ||
==Local Property Taxes== | |||
Remaining Property Taxes, which make up the bulk of property taxes levied, are determined, changed, and set locally. These consist of several components: | |||
* County Tax Rate | |||
* Municipal Tax Rate | |||
* Local Education Tax Rate | |||
* Village District Tax Rates (covering villages which don't have a local Fire, Water, or Sewage utility and pay other towns for the services) | |||
These vary heavily but can be seen [https://www.revenue.nh.gov/about-dra/municipal-and-property-division/municipal-and-property-reports/municipal-and-village here]. Each municipality or county has a more detailed breakdown. | |||
Revision as of 00:05, 17 November 2024
New Hampshire Property Taxes
New Hampshire has a property tax assessed on physical real estate. Property Taxes contain multiple components, and different property types are taxed differently. The State-level property tax is consistent across the state, while localities vary widely. Statewide Property Taxes are estimated to make up 11% of State Yearly Revenue.
State Property Taxes
Statewide Education Property Tax (SWEPT)
The State mandates each locality collect a portion to be paid towards Education. It is required that the levy raises a total of $363,000,000 per year across the whole state, and rates change every year in order to achieve this. It is a Statewide Education Property Tax uniform rate which the New Hampshire Department of Revenue Administration orders all Selectmen to levy in their towns in addition to local taxes. In the case of unincorporated regions, this component is offset with a negative local tax rate equivalent to this rate.
In 2024, this rate was $1.220/$1000, and it will be $1.120/$1000 in 2025. However, this rate is not necessarily the final rate, as the Selectmen adjust the rate based on various local factors, such as Property Tax Relief claims.
Utility and Railroad Properties
The State determines that these properties will be taxed at 0.66% for the purpose of the Statewide Education Property Tax.
SWEPT In-Depth
Here is an example of the SWEPT.
In 2024, the Selectmen of Albany Municipality were ordered to raise a total of $228,375, which would have been an average rate of $1.220/$1000. They ended up charging a total $1.68/$1000 in order to raise $228,460. Once you include their utility properties, they had an over-payment, and this goes to subsidize other towns which couldn't raise the required amount.
Brookfield, by comparison, was ordered to raise $230,842, which would have been the same average rate of $1.220/$1000. They ended up charging a total $0.96/$1000 in order to raise $194,802. This is a large deficit even with their utility properties included.
Brookline, as a final example, was ordered to raise $1,283,080, which would have been the same average rate of $1.220/$1000. They ended up charging a total $1.12/$1000 in order to raise $1,281,549. The remaining deficit for this town is made up for with its utility properties.
Local Property Taxes
Remaining Property Taxes, which make up the bulk of property taxes levied, are determined, changed, and set locally. These consist of several components:
- County Tax Rate
- Municipal Tax Rate
- Local Education Tax Rate
- Village District Tax Rates (covering villages which don't have a local Fire, Water, or Sewage utility and pay other towns for the services)
These vary heavily but can be seen here. Each municipality or county has a more detailed breakdown.
