Many New Hampshire residents are reassessing their finances this winter. Part of that assessment should be a close look at your New Hampshire property tax bill. If you are paying more than your fair share of New Hampshire property taxes, you may be entitled to a reduction, commonly referred to as a tax “abatement.”

New Hampshire Property Tax Calculations

Property tax is calculated based on the fair market value (FMV) of your property multiplied by the local tax rate. Because New Hampshire tax rates are uniform within each municipality, the main point of contention is often the property’s assessed value.

Accurate FMV assessments include a review of comparable sales and account for variables (e.g., property type, neighborhood, zoning, view, building type, lot size) and for the rapidly fluctuating real estate market.

Unfortunately, municipalities are not suited to conduct this analysis for every property, and they frequently rely on formulas to generate assessments. While this method is often accurate, over-assessments do occur.

What to Do If You’re Over-assessed

Unless your property was recently transferred and you have an actual sale price to point to, obtaining evidence of FMV may be difficult. If you think your property has been over-assessed, you should contact an attorney to gather the necessary evidence in support of a tax abatement petition. An attorney can help:

• Locate recent sales of similar properties;
• Hire a professional appraiser;
• Negotiate with the town assessor; and
• Draft and file the tax abatement application.

Fair market value is determined as of April 1 of the new tax year, and abatement petitions must be filed by March 1, even if the tax bills for your city or town are biannual. The municipality will decide on petitions by July 1, and any appeal to the New Hampshire Superior Court or the New Hampshire Board of Tax and Land Appeals must be filed prior to September 1. At Wescott Law, we have a team of attorneys who are experienced in New Hampshire real estate tax abatements and are happy to speak with you about your abatement options.

About Wescott Law

Wescott Law is dedicated to serving the legal needs of businesses and individuals in the Lakes Region and beyond. Our main office is located in Laconia with satellite locations in Meredith and Plymouth. Contact us today at info@wescottlawnh.com or (603) 524-2166.