How are property values determined?

Property values in New Hampshire are determined by the local municipality in which the property is located. The township has the responsibility of assessing the taxable value of the property by analyzing the market value of the land and the structures upon it. The methods used to evaluate properties vary, but typically involve the consideration of comparable properties, the sales of recently sold properties in the area, and the condition of the land and buildings. The taxable value is usually a fraction of the market value, which is based on the type of property. Real property, such as buildings and land, is assessed at 100 percent of its market value, while personal property, such as furniture and equipment, is assessed at a fraction of its market value. Property values are also known as assessed values. The assessed value is multiplied by the local tax rate, determined by the municipality, to create the tax amount due. This total tax amount is then split up among all the local taxing entities (county, town, school district, etc.) in proportions determined by the municipality. Property values are not static and can be appealed each year if homeowners feel they have been unfairly taxed. Property owners can also appeal their property values if they believe changes in the property or its market value have not been taken into consideration.

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