New Hampshire Property Tax Information
Property taxes are unpleasant fact of life that all property owners in the U.S. must face. Each state has the ability to set its own tax rates for personal property, commercial property and industrial property. New Hampshire is one of the few states that seems to initiate a pretty fair playing field across all three types of property taxes when it comes to setting tax rates.
However, although New Hampshire seems to be equal between commercial and industrial property and personal, it does tend to have some of the highest property taxes in the nation. It is one of the few states that levies both local and state property taxes on its residents. While some are outraged at the high level of property taxes, others say that it evens out when one considers the low sales tax that the state has. Still, nobody wants to pay more in property taxes than he or she has to. In early 2015, the state enacted House Bill 350 to further investigate the matter of the impacts that property taxes have on residents, businesses, municipalities and the economy.
Challenging Property Tax Assessment in New Hampshire
New Hampshire doesn’t require property owners to pay taxes when they’re requesting an abatement. However, it is a good ideal to pay taxes even when contesting their value assessments because the municipality assesses 12 percent interest on unpaid taxes. Therefore, it’s better to have overpaid and receive a refund than to have not paid and have to pay such high interest rates in late fees.
Right to Farm Law
New Hampshire has been concerned with the decline in agriculture in the state for decades now due to encroaching commercial and industrial development. Consequently, further property tax breaks have been given to property owners of farmland through the current use property taxation under RSA Chapter 79-A. Therefore, many commercial and industrial business owners end up paying more in property taxes than farmland business owners.
Assessment Technologies Tax Experts
Assessment Technologies tax experts have been helping property owners lower their property taxes since 1986. They are oftentimes able to help their clients recover refunds for overpayment of taxes, reduce the assessed values of their property and provide savings on all their current and future property taxes. The appraisal process can oftentimes be complex, and sometimes appraisers may appraise owners’ commercial and industrial property at a higher value than it really should have been appraised at. In such cases, Assessment Technologies can conduct an assessment of the property, and if its experts determine that the property was, indeed, overpaid, then they can aggressively and methodically contest the property tax assessment.
One of the first measures that Assessment Technologies experts can take is to ensure that property owners are taking advantage of all exemptions and tax credits that they are eligible. For instance, commercial and industrial properties that help generate jobs or transportation are oftentimes eligible for exemptions or deductions. Then, after performing an assessment using their own unique valuation method, Assessment Technologies can assist property owners in proving that their properties were overassessed. Of course, they’ll ensure that proper documentation is provided to back up such claims, such as verification of public records, comparison to similar properties and more.
Commercial and industrial property is supposed to be valued at 100 percent of its true market value in the state of New Hampshire, but such assessing and valuing such property is oftentimes a much more complex process than that of comparing other types of property. That’s why it’s important for property owners to ensure that their property was fairly assessed if they don’t want to be overpaying on their taxes.
New Hampshire Property Tax Resource: http://revenue.nh.gov/mun-prop/municipal/property-tax-rates.htm