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Author Topic: Property Taxes  (Read 3929 times)

homesteadmama

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Property Taxes
« on: September 22, 2010, 01:42:49 am »

We're in the preliminary stages of researching where we might like to live when we move to NH.  One thing we know we should consider is property taxes, as these are high since they are the only taxes.  I found some spreadsheet from the state that said what the tax rates were by town per 1,000 something (square feet maybe?).  Anyway, it was like reading Chinese to me.  Can anyone help me?  Or direct me to something that is easily understandable?  A table/spreadsheet would be nice. 

Thanks!

(oh, and we're not planning on buying right away...we want to live in NH before we decide permanently on a location to settle...just wanted to mention that because I anticipate people advising me to not buy until we've lived here).   ;)

Porcupine Realtor

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Re: Property Taxes
« Reply #1 on: September 22, 2010, 06:39:32 am »

I suggest you live here a year before purchasing. But you already knew that.  :)

The "per 1,000" is called a mill rate.  It means the tax per $1,000 in value.  So, for example, a tax rate of $17.55 (in Manchester) and a home assessed vale of $200,000 would generate a property tax bill of $3,510 (200 X 17.55) per year.  Every year. 

That is a bit of an oversimplification, but the point is to get as low a mill rate as you can in an area that you like.  I recommend that my clients stay in towns with rates under 20 if possible.  Not always easy, but desirable.  If you can get a rate under 18.00, that's good.  Over 22.00 and you're in "high" range; unless you have lots of kids in the government school system there, you're probably not getting your money's worth.

Notable low-tax towns are Alton, Wolfeboro, New Boston, Manchester.  Other good places are Weare and Auburn.

The college towns (Lebanon/Hanover, Durham, Keene, Plymouth, Concord) are high and have statist local governments.  But if you're going to rent for a year, just pick a place close to the action and get to know the people and the state.

Good luck; we look forward to having you here.  When you're ready to purchase a property, I'll be glad to help you.

Mark
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homesteadmama

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Re: Property Taxes
« Reply #2 on: September 22, 2010, 09:39:10 am »

Thanks for the info, Mark.

We really liked the area between the seacoast and Lake Winnepesake. Farmingtown is a town I remember. Do you know what the tax rates are like in the the towns around there?

anon37268573

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Re: Property Taxes
« Reply #3 on: September 22, 2010, 11:40:25 pm »

Anyway, it was like reading Chinese to me.  Can anyone help me?  Or direct me to something that is easily understandable? 

Communists are definitely behind the property tax levels in NH.  We should have gotten TEAM STRONG and pushed those bastards back far beyond the 48 parallel when we had the chance.  Those red, yellow bellied, bastards want us to raise and educate their kids.  It makes me sick. Generation Fail is my moniker for the POS losers those pot heads popped out.


(oh, and we're not planning on buying right away...we want to live in NH before we decide permanently on a location to settle...just wanted to mention that because I anticipate people advising me to not buy until we've lived here).   ;)

I currently rent an apartment in NH.  My rent is higher here than it was in downtown Boston mostly due to the level of property taxes (50% ps education) that the apartment complexes have to pay.  But, it's also due to the limited number of apartments in NH.  Initially, I didn't rent a house because I was worried that the land owner might be in, or near, foreclosure and might not inform me before I signed a lease.  Now that I've been here awhile, I can tell you that there are dramatic price differences in renting from a home owner vrs an apartment complex.  Had I had it to do over again, I probably would have rented from a home owner.

BTW, a mortgage payment on a house in my area would be less than I pay in rent for my apartment.  I don't plan to buy a house until the Gov't stops messing with the market.  But, the $10+K I'm spending on rent this year (rather than building equity) pains me even though I think house prices will drop a lot more than $10K once the Gov't gives up on trying to manipulate the market. Your situation may make it more logical to buy a house sooner rather than later.  I'm single with no kids and have been day dreaming about moving to Alaska recently.

P.S.  Mark is definitely the guy to talk to.  He really knows his stuff.  He was an early mover.  So, he's been here a long time.  If I ever do buy a house here, he's my go to guy.
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homesteadmama

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Re: Property Taxes
« Reply #4 on: September 23, 2010, 12:30:41 am »

Thanks for sharing your exprience!  Helps a lot.

We don't plan on buying soon either (for similar reasons that you have). We also refuse to get a mortgage, so we will be looking for a run down property (or just raw land we can build on). My dh is a contractor, and we always seem to live in a construction zone (I.e. Our house). We are currently getting ready to remodel our RV so we can live in that while we drive across the country, and possibly even live in it while we build on our land. All that to say, we're in no rush to buy because we have a "home". We'd just need a place to park it. Unless it's winter. That's a whole different situation. We'd have to rent in the winter.

WendellBerry

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Re: Property Taxes
« Reply #5 on: September 23, 2010, 10:49:08 am »

Quote
the point is to get as low a mill rate as you can in an area that you like.  I recommend that my clients stay in towns with rates under 20 if possible.  Not always easy, but desirable.  If you can get a rate under 18.00, that's good.  Over 22.00 and you're in "high" range; unless you have lots of kids in the government school system there, you're probably not getting your money's worth.

Notable low-tax towns are Alton, Wolfeboro, New Boston, Manchester.  Other good places are Weare and Auburn.

Well doesn't it depend on what the property valuation in the town are?

Alton and Wolfeboro are on the shores of Lake Winnipesaukee.

Their tax rates are low because the property along the lake is so expensive.
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Jacobus

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Re: Property Taxes
« Reply #6 on: October 05, 2010, 07:40:09 am »

To demystify property taxes, I recommend perusing realtor listings that show the previous year's bill.  Look at listings that are comparable to what you would want to own.
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Re: Property Taxes
« Reply #7 on: October 14, 2010, 01:17:11 am »


Renting before you buy is a really good idea. I plan to move there and rent for a year or two before buying. Probably a house in rural area, something you can get for the same price as an apartment in the city.  Keep in mind real estate is *still* in a huge bubble. It has come down some but still has a long way to go. It will be an L-shaped graph, very long and very shallow decline IMO. RE will go down for years.

Seems to me RE taxes vary by location.  Check out realtor.com, they often list properties and their taxes. 

I will keep in mind Porcupine Realtor  when I am ready to buy.
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anon37268573

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Re: Property Taxes
« Reply #8 on: October 14, 2010, 10:22:22 pm »

Seems to me RE taxes vary by location.  Check out realtor.com, they often list properties and their taxes. 

Here in New England (including New Hampshire), http://www.nneren.com/ is very popular.  It lists tons of houses almost always w/ tax info.  (It's an MLS gateway, maybe?).

I keep an eye on nneren.com just to see if anything I really love happens to show up in the listings.  nneren.com doesn't have many rental listings, though.  I think local newspapers and Craigslist are the best place to look for those, probably.  But, be super careful in you use Craigslist.  There's been some cases recently in New Hampshire where some guys broke into foreclosed houses, changed the locks, and pretended to rent them to people.

I found my current place just by searching for apartments for rent in New Hampshire on Google.

    - anon
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Re: Property Taxes
« Reply #9 on: October 15, 2010, 07:03:19 am »

Thanks, I will check it out.

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raymcgill

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Re: Property Taxes
« Reply #10 on: October 15, 2010, 01:20:29 pm »

Yes, Property taxes are high, but its offset by cheaper food and no income taxes. We chose Portsmouth, and are still amazed!
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homesteadmama

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Re: Property Taxes
« Reply #11 on: October 15, 2010, 03:19:28 pm »

Yes, Property taxes are high, but its offset by cheaper food and no income taxes. We chose Portsmouth, and are still amazed!

Amazed by the lower cost of living?  Where did you move from?  Portsmouth seemed expensive when we visited, but I'd be happy to hear otherwise. :-)

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Re: Property Taxes
« Reply #12 on: October 16, 2010, 02:34:51 am »

What worried me most about the scheme with zero sales tax and zero income tax but big RE tax  is that you have no control over these taxes. If you stopped consuming and working under the sales/income tax scheme, you would pay nothing. But you have no choice but to pay the real estate tax no matter what, whether you work or not. I noticed that it can be a significant tax in Southern NH, not difficult to pay 5K /year on some properties which are actually pretty modest.

I had a few  difficult years in the last recession, went without work for 2 years, when high-tech IT field collapsed and nobody was hiring. It only somewhat recovered in 03 or 04. I had zero debts so that was fine, but a hypothetical situation where you have no income for an extended period of time would trouble me  in NH.   The way things are going, nothing would surprise me anymore.  Might have to think about alternative source of income (not from a corporate cubicle world).

Anyway, NH sounds like the place to rent...  Although suspect you will pay RE tax anyway, just indirectly.

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John Edward Mercier

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Re: Property Taxes
« Reply #13 on: October 16, 2010, 10:29:32 am »

NH has income and sales taxes... we just don't have the broad-based formats.
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Dreepa

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Re: Property Taxes
« Reply #14 on: October 16, 2010, 11:25:29 am »

What worried me most about the scheme with zero sales tax and zero income tax but big RE tax  is that you have no control over these taxes. If you stopped consuming and working under the sales/income tax scheme, you would pay nothing. But you have no choice but to pay the real estate tax no matter what, whether you work or not. I noticed that it can be a significant tax in Southern NH, not difficult to pay 5K /year on some properties which are actually pretty modest.

I had a few  difficult years in the last recession, went without work for 2 years, when high-tech IT field collapsed and nobody was hiring. It only somewhat recovered in 03 or 04. I had zero debts so that was fine, but a hypothetical situation where you have no income for an extended period of time would trouble me  in NH.   The way things are going, nothing would surprise me anymore.  Might have to think about alternative source of income (not from a corporate cubicle world).

Anyway, NH sounds like the place to rent...  Although suspect you will pay RE tax anyway, just indirectly.


You mention that you have no control over it... but you do.  In the towns in NH (not the cities)  everyone gets together usually in March and votes on the town budget by LINE ITEM.  You and your townspeople can directly lower your taxes.

BTW I mortgage, ins, AND RE taxes are less than I paid for rent in CA.
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