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Author Topic: New Hampshire Taxes  (Read 8196 times)

Tracy Saboe

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Re:State Individual Income Tax Rates
« Reply #15 on: November 12, 2003, 02:21:14 am »

I agree.

The Interest/dividend income is probably much worse then the business one.  Interest/dividend would effect a lot more people.

I say we get rid of both. But the interest/divident sounds ike it's much more intrusive and harmfull. Many smaller businesses won't make more then $50,000 a year, but lots of people have mutual funds, stocks, and other investments.

Tracy
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Re:NH Tax Laws
« Reply #16 on: November 12, 2003, 07:51:22 am »

Wow.  What a load of stuff.  After viewing about 40 pages of crud on those pages, I still have no clue.  There's some very weird stuff out there -- like tax rates for different towns ranging from 5.13 to 53.88!  Better check that rate before you decide where to move!

But I'm still no closer to finding my answer (I'm still searching those pages): Who sets those rates?  So far, it looks like the legislature decides how much money to spend, and then the Department of Revenue Administration just sets a rate that will obtain that amount of money.  That would be very odd...
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mark

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Re:State Individual Income Tax Rates
« Reply #17 on: November 12, 2003, 10:05:45 am »

This is why NH is rated 49th rather than 50th for the lowest tax burden. While both dividend and property taxes are still lower than where I live they both seem to be high enough to be low hanging fruit in a political sense. Both the property and dividend taxes hit seniors hard: we can use that demographic for support.


Avoiding the dividen tax would seem to be rather easy with a creative structuring of corporate assets.
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S Michael Moore

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Re:State Individual Income Tax Rates
« Reply #18 on: December 11, 2003, 02:14:43 pm »

Avoiding the dividen tax would seem to be rather easy with a creative structuring of corporate assets.

Perhaps some statist could use this as his next defense for excessive government intervention:  It fosters creativity.   ::)
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mark

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Property tax rate on multi-level parking garages
« Reply #19 on: December 27, 2003, 01:14:49 pm »

Does anybody know if NH tax law treats parking garages differently then other labor-based property? Building a multi-story parking garage involves much more capital than simply paving over an equal area of ground. Add to that the higher tax rate put on buildings and you have a second disincentive to be more efficient with land.

If parking garages are taxed at the higher real estate rate, perhaps petitioning for an exemption could build good will among the locals (environ-weenies and business-weenies) could be generated. It could also educate the populace on the side-effects of capital/labor-based taxes.
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Fitz

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Help with overview of taxes
« Reply #20 on: January 12, 2004, 08:01:50 am »

There is so much information available here, but it's incredibly confusing. Can somebody help sort through all of this a bit? ...just somewhere to start.

Say you own a $150,000 house and have a small business that makes say, $40,000 a year with your spouse making about the same. (Total income = $80,000) What would be a ball park figure in taxes for this scenerio, or does it really, really matter depending on where you live in NH?

Fitz
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Stumpy

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Re:Help with overview of taxes
« Reply #21 on: January 12, 2004, 08:16:19 am »

Yes, it does matter where you live in NH. One town may charge double the tax rate of another town. At http://www.nhes.state.nh.us/elmi/communpro.htm you can compare tax rates for the towns of NH.

Regarding your business, NH has a small corporate tax. I think it’s 0.6% which only kicks in after a certain amount of profit.

There’s no state income tax in NH.
« Last Edit: January 12, 2004, 08:19:55 am by Doug Hillman »
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Mike Lorrey

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Re:Help with overview of taxes
« Reply #22 on: January 12, 2004, 07:34:25 pm »

Yes, it does matter where you live in NH. One town may charge double the tax rate of another town. At http://www.nhes.state.nh.us/elmi/communpro.htm you can compare tax rates for the towns of NH.

Regarding your business, NH has a small corporate tax. I think it’s 0.6% which only kicks in after a certain amount of profit.

There’s no state income tax in NH.

The average property tax paid in 2001 was $19.21 per thousand dollars of valuation (this is tax assessment valuation, not market valuation). If your house is assessed by your town at $180k, and your town is an average town, then between local, county, and state property taxes you would have paid $3457.80.

Now, keep in mind that property values have increased quite a bit since 2001, so a $180k house today would likely have been worth only $130-150k in 2001. As valuations increase, tax rates per thousand tend to drop, all other factors being equal. For example, the state tax rate was $6/thousand then, it is now $4.92 or thereabouts. We just had a statewide reassessment last year or so.

A $180k house in 2001 would be worth about $240k today. Property value growth is increasing at a 10-15% rate annually over the past 4 years.

Here is a list of all towns, with a breakdown of town, education, county, and state property tax rates along with total property tax burden for those living in each town:
http://www.nh.gov/revenue/property_tax/2003/2003_tax_rates.htm

Keep in mind: high tax rates will generally result in low property values (chicken and egg situation), so you can usually find very nice homes at low prices in towns with high property taxes. This is something to take into account if you are going to be politically active. It might pay to make an investment in a high tax town and work to help turn that town around economically for a handy profit on your property valuation and a reduction in your tax rates.
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Terry 1956

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Re:Help with overview of taxes
« Reply #23 on: February 14, 2004, 04:44:34 pm »

Yes, it does matter where you live in NH. One town may charge double the tax rate of another town. At http://www.nhes.state.nh.us/elmi/communpro.htm you can compare tax rates for the towns of NH.

Regarding your business, NH has a small corporate tax. I think it’s 0.6% which only kicks in after a certain amount of profit.

There’s no state income tax in NH.

The average property tax paid in 2001 was $19.21 per thousand dollars of valuation (this is tax assessment valuation, not market valuation). If your house is assessed by your town at $180k, and your town is an average town, then between local, county, and state property taxes you would have paid $3457.80.

Now, keep in mind that property values have increased quite a bit since 2001, so a $180k house today would likely have been worth only $130-150k in 2001. As valuations increase, tax rates per thousand tend to drop, all other factors being equal. For example, the state tax rate was $6/thousand then, it is now $4.92 or thereabouts. We just had a statewide reassessment last year or so.

A $180k house in 2001 would be worth about $240k today. Property value growth is increasing at a 10-15% rate annually over the past 4 years.

Here is a list of all towns, with a breakdown of town, education, county, and state property tax rates along with total property tax burden for those living in each town:
http://www.nh.gov/revenue/property_tax/2003/2003_tax_rates.htm

Keep in mind: high tax rates will generally result in low property values (chicken and egg situation), so you can usually find very nice homes at low prices in towns with high property taxes. This is something to take into account if you are going to be politically active. It might pay to make an investment in a high tax town and work to help turn that town around economically for a handy profit on your property valuation and a reduction in your tax rates.
                                                                               
   But doesn't a person with 15,000 in income or less or a couple with 30,000 or less get some sort of reduction on their state property tax?
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wes237

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Re:Help with overview of taxes
« Reply #24 on: February 25, 2004, 07:10:55 pm »

Property taxes, though a hassle, can be disputed at the local level by the individule. Local politicians who assess property taxation,  are elected and fear your unhappiness with them. The local tax assessor has to listen to you. You can chose to purchase a property ( or not...you can lease )  that has a tax valuation you can afford. Property taxes are  deductible on your annual report to the IRS. Taxes stink, but with property taxes, individules have many choices on how to deal with the issue. Sure beats a state income tax in many ways.
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Tracy Saboe

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What's an Unearned Income Tax?
« Reply #25 on: February 26, 2004, 02:42:50 am »

From tHis Thread.

http://forum.freestateproject.org/index.php?board=47;action=display;threadid=5557;start=15#lastPost

New Hampshire has income tax on passive income?

This is probably pretty low hanging fruit. We could abolish this pretty easily I think. We could even convince liberals on this one. (It hurts makes poor people half to pay more for rent.)

Or am I mistaken?

Tracy
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Re:What's an Unearned Income Tax?
« Reply #26 on: February 26, 2004, 03:30:47 am »

Unearned Income is any income you receive other than wages or earnings from self–employment such as Social Security benefits, pensions, State disability payments, unemployment benefits, interest income, and cash from friends and relatives.
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Re:What's an Unearned Income Tax?
« Reply #27 on: February 27, 2004, 09:20:16 am »

New Hampshire taxes interest and dividends in excess $2400 per individual per year at a 5% rate, but as a practical matter there are so many ways to shelter your interest and dividend income from this tax that it is inconsequential for almost everyone. (Many types of interest and dividend income are exempt from the tax, so it is relatively easy to rearrange your affairs to earn your interest and dividends in these ways).

BTW - Most of the types of income listed in the previous post are not taxable.
« Last Edit: February 27, 2004, 09:22:38 am by libertarian40 »
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Terry 1956

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Re:Help with overview of taxes
« Reply #28 on: March 06, 2004, 03:22:03 pm »

Property taxes, though a hassle, can be disputed at the local level by the individule. Local politicians who assess property taxation,  are elected and fear your unhappiness with them. The local tax assessor has to listen to you. You can chose to purchase a property ( or not...you can lease )  that has a tax valuation you can afford. Property taxes are  deductible on your annual report to the IRS. Taxes stink, but with property taxes, individules have many choices on how to deal with the issue. Sure beats a state income tax in many ways.
                                                                           
  I see in Concord seniors get an exemption based on their age, if you are over 85 you pay no local property tax, a 65 to 85 year old pays a partial percentage. Veterns get a 100 dollar reduction and disabled Veterns get a big reduction.
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SteveA

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Re:Help with overview of taxes
« Reply #29 on: March 06, 2004, 03:40:49 pm »

Quote
Taxes stink, but with property taxes, individules have many choices on how to deal with the issue. Sure beats a state income tax in many ways.

The problem with them is that they are a constant drain, whether you have income or not and if you can't keep the government happy, out you go.
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