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Here comes this very important (for me, anyway:-)) question that I hope to get an answer for :-) :
How often and how much can one expect his/her real estate (i.e., single family home) property taxes to rise? Does it happen with every and each appraisal cycle? How often do those happen? By how may hundreds/thousands of $$ can these taxes rise? Are such trends about the same throughout Southern NH?
Let's say the house is a new construction worth about $350,000-$400,000. What are the chances of its property taxes rising with the course of time? If so, about how much would be such a rise?
As always, thank to all of you who kindly take time to reply :-)!
How often and how much can one expect his/her real estate (i.e., single family home) property taxes to rise? Does it happen with every and each appraisal cycle? How often do those happen? By how may hundreds/thousands of $$ can these taxes rise? Are such trends about the same throughout Southern NH?
Let's say the house is a new construction worth about $350,000-$400,000. What are the chances of its property taxes rising with the course of time? If so, about how much would be such a rise?
1) It depends, 2 years ago my taxes went down; past 2 years they have gone up. Property taxes are decided town to town- some towns have higher property taxes; some towns have lower property taxes- the variance is pretty large to be honest.
2) See above
3) Appraisal cycles are every 5 years (roughly), but tax rates are adjusted yearly. You get to voice your comments & vote on these topics at your yearly town meeting.
4) Average increase when there is an increase really can vary. I'd say on a 400k home- you probably won't see a 1 year increase over $1k...but note the "probably". My taxes have increased...but not by some shocking value in the thousands- ever. That said beware re-valuation of property if its waterfront or has a great mountain view...
5) Trends are town to town...but generally you can expect taxes to rise.
Lastly, while NH does have higher property taxes than many places (no income tax or sales tax though); you should be aware it's not like NJ or NY, etc where taxes on a 400k home can be like $20k/year.
Tax rates are available online (by town) as are tax histories...you can easily plot average growth and predict your future taxes.
What are the chances of its property taxes rising with the course of time? If so, about how much would be such a rise?
If they keep trying to re-create Massachusetts up here, *all* taxes, including property tax, will shoot straight through the roof. NH is the last bastion for low(ish) taxes in the region, but it's unclear how long this feature will last. See The Tax Foundation - Educating Taxpayers Since 1937 for some very helpful information on taxes of all types.
well, here's the thing: it can be different in different towns! some towns might be more stable, and others go up every year. A town might be stable for years and then have to build a new school and the taxes jump 23%. About the only thing you can count on, is that taxes usually go up. Sometimes they go down, but you can't really count on that (just be pleasantly surprised and take the win).
Go to your town meetings and make sure you vote on the budget. be aware of what they're using the money for. At least in most on NH, they aren't pocketing the money (like some states I can think of!).
Quote:
Originally Posted by Anna_M
Dear Forum members,
Here comes this very important (for me, anyway:-)) question that I hope to get an answer for :-) :
How often and how much can one expect his/her real estate (i.e., single family home) property taxes to rise? Does it happen with every and each appraisal cycle? How often do those happen? By how may hundreds/thousands of $$ can these taxes rise? Are such trends about the same throughout Southern NH?
Let's say the house is a new construction worth about $350,000-$400,000. What are the chances of its property taxes rising with the course of time? If so, about how much would be such a rise?
As always, thank to all of you who kindly take time to reply :-)!
I suspect that most towns will be seeing increases this year because so much is being cut at the State level and the State will require the local towns and schools to pay those costs (like retirement contributions, and also special education for the highest need students) instead.
The best piece of advice is to pick the lowest taxed town you can find that you like the best. If you buy property in a high tax town you might have a very hard time selling it again.
The best piece of advice is to pick the lowest taxed town you can find that you like the best. If you buy property in a high tax town you might have a very hard time selling it again.
Hollis, Amherst, & Bedford- none of them have low taxes; but all are very popular. I think demand plays a big role as well- as does what you get for those taxes vs. where it's high for no apparent reason.
Hollis, Amherst, & Bedford- none of them have low taxes; but all are very popular. I think demand plays a big role as well- as does what you get for those taxes vs. where it's high for no apparent reason.
True, I was mainly applying my argument to the rural towns in the state. The very wealthy towns are exempt from my point as the people who can afford those towns don't generally worry about property tax rates as much...
Average increase when there is an increase really can vary. I'd say on a 400k home- you probably won't see a 1 year increase over $1k...but note the "probably". My taxes have increased...but not by some shocking value in the thousands- ever. That said beware re-valuation of property if its waterfront or has a great mountain view...
Lastly, while NH does have higher property taxes than many places (no income tax or sales tax though); you should be aware it's not like NJ or NY, etc where taxes on a 400k home can be like $20k/year.
NH is second only to NJ in property taxes. It doesn't offer much in return for your tax dollars, either. The super-high tax Exeter doesn't even include trash disposal in the tax bill; we pay an extra $3 for every single bag of trash, and if it doesn't fit in the bag, it will probably end up dumped in the woods.
Hampton Beach had a 40% tax jump a couple of years ago. Taxes there weren't exactly cheap before.
Our last 6-month bill increased by $700 (so up at least $1,400 this year, since taxes in Exeter NEVER go down), with a small wetland common area reassessed to add $100 to our bill instead of the previous $10 from each homeowner. This was a 10% increase in only 6 months, despite the never-ending Recession that continues to hurt all of us.
The homes on our street are all typical NH homes, usually colonials (not extended colonial mc-mansions) with no land or pools or special architectural interest (like ours). Since home prices in southern NH are still inflated, they have in the past sold in the $400's, but the same house in a reasonably priced-area would go for around $250K. Nevertheless, they are taxed at $12,500 to $14,000.
And politicians show no sign of caring that they're taxing both the young and the retired population out of their homes.
NH is second only to NJ in property taxes. It doesn't offer much in return for your tax dollars, either.
Umm...isn't NH in the bottom 5 states for tax burden? It is very heavily dependent upon WHERE you live in the state as well on how much property tax is specifically.
Likewise as in NH, taxes in many other states depend on where you live in that state. Sure the average towns tax rate may be lower...but the majority of residents live in the more expensive rate towns (think NY) so therefore most people are paying very high taxes. The way they calculate "average rate" really skews things.
I've got friends in similarly priced homes in 4 different states who pay more in property taxes than I do...2 pay double; and I live in a more tax heavy NH town. Again- not saying its cheap; but it really depends on where you are coming from- specifically.
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