Ho, Ho, Ho… Season’s Greetings from the City of Portsmouth. Such tidings of great joy!
The average residential property owner saw their assessed value of their home skyrocket from $480,100.00 in 2023 to $762,6000,00 in 2024 and their annual taxes go from $7,744.00 to $8,525.00, a staggering $781.00 annual increase. (That’s a 10% annual bump while 2024 annual inflation is 2.7 % for 12 months ending in November).
As a bonus, the City’s three-week delay in getting December tax bills sent out this year gives everyone only about a week to pay their bill for their property taxes to be a legit itemized deduction for 2024 federal taxes.
In addition to how to build a new 30,000 square foot police station for less than $20 million dollars, Portsmouth can learn a lot from the City of Dover. As per links below, for nearly 30 years, Dover has adjusted its property values annually to prevent a soul crushing tax increase that Portsmouth homeowners just suffered. As per New Hampshire Department of Revenue Administration guidelines, every year Dover seeks to keep all its properties assessed at between 90% and 110% of current market value.
City of Portsmouth NH Sets FY24 City Property Tax Rate at $16.13 | City of Portsmouth Median Home Value = $480,100.00, Annual Taxes = $7,744.00, $ 446.0 more or 6.1 % increase from 2022 taxes, 2023 annual inflation was 4.1%
City Property Tax Rate Set at $11.18 | City of Portsmouth Median Home Value $762,600.00, $ 8,525.00 in City Taxes, $781.00 more or 10.0% increase in annual taxes.
Portsmouth NH new property tax rate is official: What to expect
Since 1996, Dover, NH conducts annual property reassessments to prevent massive swings in the tax rate and assessed property values
Frequently Asked Questions Dover, NH Tax Assessment Frequently Asked Questions: See third question
“Since 1996, the City of Dover has demonstrated some of the most uniform and proportionate assessments exhibited anywhere in the state. Dover has met and exceeded all state standards every year. This is a direct result of these annual, in-house updates”.
assessing-reference-manual.pdf Understanding New Hampshire Property Taxes – The Office New Hampshire Assessing Reference Manual
LEGAL Q&A: Assessing Re-Assessments | New Hampshire Municipal Association
LEGAL Q&A: Revaluation: What is it? And how does it work? | New Hampshire Municipal Association
Report 8-_Mar 30_.PDF March, 2000 ” Review of Reassessment Practices and Equalization in New Hampshire”
NEW HAMPSHIRE New Hampshire Equalization Manual
