Navigating Property Taxes in New Hampshire

New Hampshire residents are becoming more and more concerned with managing their property taxes when driving through the Granite State. Knowing which taxes are due and when they need to be paid can be a handful. To help simplify the process, here is a rundown of important information for understand how the taxes work.

Property tax in New Hampshire is collected by each municipality or county. The amount of taxable value is based on the market value of the property and is assessed annually. Most local governments allow taxpayers to pay taxes in two installments—the first due by June 30 and the second by December 31. In some cases, local governments offer additional interest-free installment options.

For senior citizens and disabled property owners, the New Hampshire property tax system has two special programs: the Senior Citizen Exemption Program and the Disabled Exemption Program. These exemptions give eligible participants significant tax relief.

Assessment Process

The assessment process begins when the local official has a property inspected to collect data about it. Within six months of the inspection, the official creates a tentative assessment roll that contains information about the fair market value of the property and the amount of taxes owed. This information is available for public inspection.

Taxpayers in New Hampshire who believe their assessments are incorrect can dispute them by filing an appeal. If this doesn’t result in a solution, the taxpayer can appeal to the New Hampshire Board of Tax and Land Appeals. This agency will hear both sides of the dispute and issue a binding court order.

Property Tax Relief Programs

The New Hampshire Property Tax Relief Program is intended to save taxpayers who are struggling to pay their property taxes. This program provides financial assistance, ranging from 10-85%, to homeowners whose incomes fall below a certain limit.

Taxpayers who wish to participate must submit financial documents, such as income tax returns, Social Security benefit statements, and bank statements, to determine eligibility. To qualify for assistance, taxpayers must have an income that falls below the median for their area. Relief is in the form of a rebate, which can be used to pay off property taxes owed.

The New Hampshire Homestead Exemption Program provides a property tax break to local taxpayers who are over the age of 65 or receive federal Social Security benefits due to a disability. The exemption reduces the amount of taxable value on the property, resulting in lower annual tax payments.

Tax Schedules and Deadlines

• The yearly New Hampshire property taxes must typically be paid in two installments: the first installment is due by June 30 and the second is due by December 31.
• For senior citizens and disabled property owners, the New Hampshire Property Tax Relief Program may offer financial assistance in the form of a rebate.
• The New Hampshire Homestead Exemption Program provides a property tax break to local taxpayers who meet eligibility requirements.
• If a taxpayer feels their assessment is inaccurate, an appeal may be filed with the New Hampshire Board of Tax and Land Appeals.

Conclusion

Navigating property taxes in New Hampshire can be overwhelming. By understanding the assessment and relief processes, taxpayers can make informed decisions about how to manage their taxes.