Canaan, New Hampshire Property Taxes
The median property tax rate in Canaan, NH is 2.72%, considerably higher than both the national median of 0.99% and the New Hampshire state median of 1.91%. With the median home value in Canaan at $201,022, the typical annual property tax bill reaches $5,449, exceeding the national median of $2,690. Property taxes in Canaan are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Canaan's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Canaan or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canaan, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$5,468
Ownwell’s Canaan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canaan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canaan to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Canaan, New Hampshire
Property taxes in Canaan, New Hampshire, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canaan is 2.72%, significantly higher than both the New Hampshire state median and the U.S. national median of 0.99%. Local government entities within Canaan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canaan estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Canaan's effective property tax rate to other counties in New Hampshire and the national median. For comparison, the 03741 zip code has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with Canaan provides valuable insights into the varying tax landscape across Grafton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canaan Tax Rate
2.72%
Average Grafton County Tax Rate
2.30%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canaan, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03741 | 2.71% | 2.71% | 2.72% | 2.72% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Canaan, New Hampshire
In Canaan, New Hampshire, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Grafton County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Canaan, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Canaan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 03741, with a median tax bill of $5,449.
Average Canaan Assessed Value
$201,022
Average Grafton County Assessed Value
$210,700
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canaan, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03741 | $96,800 | $142,425 | $201,022 | $269,553 | $371,373 |
Source: Ownwell
Property Tax Bills Across Canaan, New Hampshire
In Canaan, NH, located in Grafton County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Canaan is $201,022, and the property tax rate is a significant factor in determining the annual tax bill. Homeowners can expect their tax bills to vary widely, with the 25th percentile at $3,827 and the 75th percentile reaching up to $7,314. For those in the 90th percentile, tax bills can be as high as $10,067. The assessed value of a property is determined by local assessors who consider factors such as the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. This system ensures that homeowners contribute a fair share based on their property's value, but it can also mean higher costs for those with more valuable homes. Comparing this to the national median property tax rate of 0.99%, Canaan's tax bills are notably high, impacting homeowners' financial planning and budgeting.
Average Canaan Tax Bill
$5,449
Average Grafton County Tax Bill
$4,270
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Canaan, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03741 | $2,620 | $3,827 | $5,449 | $7,314 | $10,067 |
Source: Ownwell