Hanover, New Hampshire Property Taxes
The median property tax rate in Hanover, NH is 1.78%, 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 Hanover at $669,100, the typical annual property tax bill reaches $11,876, significantly exceeding the national median of $2,690. Property taxes in Hanover 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 Hanover'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 Hanover 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
Hanover, New Hampshire Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$3,820
Ownwell’s Hanover Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hanover with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hanover to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, you can find more localized information by scrolling down. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Hanover, New Hampshire
Property taxes in Hanover, New Hampshire, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanover is 1.78%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hanover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hanover 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 Hanover's effective property tax rate to other areas in Grafton County and the national median. For comparison, the ZIP code 03755 has both the highest and lowest median property tax rate of 1.78%. Understanding how these areas compare with Hanover 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 Hanover Tax Rate
1.78%
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 Hanover, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03755 | 1.76% | 1.77% | 1.78% | 1.78% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Hanover, New Hampshire
In Hanover, 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 Hanover, 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 Hanover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 03755 has the highest median tax bill at $11,876, which is also the lowest median tax bill in the area.
Average Hanover Assessed Value
$669,100
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 Hanover, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03755 | $319,970 | $433,225 | $669,100 | $891,800 | $1,221,950 |
Source: Ownwell
Property Tax Bills Across Hanover, New Hampshire
In Hanover, NH, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Hanover is $669,100, and the property tax rate in Grafton County is significantly higher than the national median of 0.99%. Homeowners in Hanover can expect a median tax bill of $11,876, which is among the highest in the area. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property size, location, and market conditions influence the assessed value. For example, tax bills in the 25th percentile are around $7,686, while those in the 75th percentile can reach up to $15,829, and the 90th percentile can soar to $21,659. High property taxes can affect homeowners by increasing their annual expenses, which can be particularly burdensome for those on fixed incomes or with limited financial flexibility.
Average Hanover Tax Bill
$11,876
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 Hanover, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03755 | $5,679 | $7,686 | $11,876 | $15,829 | $21,659 |
Source: Ownwell