The report, which is based on 2020 Census data, found that Granite Staters pay an average $4,738 a year in local property taxes, which are collected by cities and towns and vary widely. The average property tax rate for New Hampshire was 2.18%, the report’s authors noted.
By Christian Wade | The Center Square
New Hampshire is known as the “Live Free or Die” state that prides itself on a low financial burden for residents with no personal income or sales taxes.
But when it comes to local property – or real estate – taxes, not so much.
That’s according to a new report from the lending giant Rocket Mortgage, which ranked New Hampshire as the state with the third-highest property tax rates in the nation.
The report, which is based on 2020 Census data, found that Granite Staters pay an average $4,738 a year in local property taxes, which are collected by cities and towns and vary widely. The average property tax rate for New Hampshire was 2.18%, the report’s authors noted.
Meanwhile, the latest data on housing sales in the state suggests that property tax bills are likely to increase along with the skyrocketing value of single-family homes.
New Hampshire housing costs are continuing to rise with the median price of a single-family home jumping to $460,000 in May, according to a separate report from the New Hampshire Association of Realtors. The report found the median price for a home in the state increased in May by 13.6% from the same period last year.
New Hampshire needs to build at least 20,000 more housing units to meet current demand, according to a 2020 report by the state’s Housing Finance Authority.
Republican Gov. Chris Sununu recently signed into law a plan to invest $100 million in federal pandemic relief money to create a new housing fund that would provide state grants to municipal governments, developers and property owners to build new homes.
Rocket Mortgage’s analysis found that New Jersey had the highest property tax burden in the nation with homeowners paying an average of 2.49% or $5,419 a year.
New Jersey was followed by Illinois, where property owners pay an average of 2.27%, or $4,952 a year.
States with the lowest property tax burdens include Hawaii, Alabama, Colorado and Louisiana as well as the District of Columbia, according to the report.
Hawaii has the lowest property tax at $606 a year, the report’s authors noted.
I moved to New Hampshire from Vermont eight years ago and it’s been great. As a native Vermonter I made the move due to the high cost of living and poor job market. We found an an amazing home in New Hampshire, good jobs and we’re enjoying everything the Granite State has to offer. Yes, this article is ridiculous…….
Property taxes are the most unforgiving and horrible taxes of all. Property taxes don’t care if you are elderly on a fixed income, or suffering with cancer, or living through a bad recession. At least a consumption tax will decrease as your ability to purchase decreases. They are also based too much on the opinion of whoever does the property appraisal and can be very subjective. My neighbors house is identical in nearly every respect yet our taxes are higher than theirs. The only perceivable difference is we maintain the grounds much better than they do. In over 40 years no appraiser has ever set foot in our house yet we pay NH property taxes based upon a supposedly accurate appraisal. The only advantage to a local property tax, as explained to me years ago by a very old town clerk, is that the money stays in town. If that money passed through the states hands it would come back to the town with all kinds of mandates and strings attached.
The argument has another angle too. A large portion of VT property tax goes to the state education fund, which the taxpayer has very little control of.
In N H, the property tax stays 100% local, and is enacted locally…. NO state mandated charges. Huge difference here, folks.
Good Point James; and of course it cost a portion of those $ to state to “administer” the program. I was/am beside myself with “reappraisals” happening now…last time in 07 (yup the RE bubble back then too). It was recently explained to me and Im putting it simple….that the Act/Bill for those ed $’s became law, it requires “re-appraisals” when “values” increase by a certain % (I dont remember what that was). So I know those appraisals are not going to come down, and there is no provision for a “drop % in value”; typical Vermont style….where to from here, well I like others do not know……what I do know is ..I’m leaving. I’m done. out of control as I see it……
This is pretty much an idiot article. I’ve looked at homes in NH that were valued about the same as mine here in VT, and their taxes were not any more then I pay. When the sales and income taxes are added in, its all a lot more expensive in Vt.
What is the point of this article? New Hampshire has 3rd highest property tax? So what. New Hampzhire also does NOT have an INCOME tax nor do they have a SALES tax!
But Vermont DOES have a very high income tax, high’sh sales taxes and very high property taxes….and when I compared my old house taxes to one in Hanover NH area….they were about the SAME! So the real question is….HOW does NH do it with no income & tax no sales tax…but VT needs high levels of all three?
New Hampshire is nonsocialist/progressive, and Vermont is… that says it all.