What is an assessment increase?
An assessment increase is a change in the value of a property due to factors like improvements or new construction. Property taxes in New Hampshire are assessed based on the estimated fair market value of the property. When that value increases, then the assessor will increase the assessment, which will cause the property tax to go up. For example, if the fair market value of your property goes up because you added a deck or remodeled the kitchen, the assessor will increase your assessment and your tax bill will go up. It’s important to note that the increase in your assessment or tax bill will depend on the local tax rate, so it could be more or less than what the improvements were worth. Additionally, there are certain rules for how assessment increases can be impacted by the cost of construction and other factors. Property owners can challenge an assessment increase if they think the value has been inaccurately estimated.
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