Lyman, New Hampshire Property Taxes
The median property tax rate in Lyman, NH is 1.95%, 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 Lyman, the typical annual property tax bill reaches $3,185, exceeding the national median of $2,690. Property taxes in Lyman 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 Lyman'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 Lyman 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
Lyman, 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 Lyman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyman 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 Lyman, New Hampshire
Property taxes in Lyman, New Hampshire, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyman is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lyman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyman 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 Lyman's effective property tax rate to other counties in New Hampshire and the national median. For comparison, the 03585 zip code has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Lyman 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 Lyman Tax Rate
1.95%
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 Lyman, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03585 | 1.94% | 1.94% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Lyman, New Hampshire
In Lyman, 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 Lyman, 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. The median home price in Lyman is $163,750, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $2,272, while the 75th percentile tax bill is $4,288, and the 90th percentile tax bill reaches $6,062. 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 Lyman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lyman Assessed Value
$163,750
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 Lyman, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03585 | $72,720 | $116,799 | $163,750 | $217,550 | $308,628 |
Source: Ownwell
Property Tax Bills Across Lyman, New Hampshire
In Lyman, NH, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, condition, and any improvements made. For homeowners in Lyman, the median home price is $163,750. This results in a wide range of tax bills, with the 25th percentile at $2,272 and the 75th percentile at $4,288. The highest median tax bill in the area is $3,185, found in the 03585 zip code. Compared to the national median property tax rate of 0.99%, Lyman's property tax bills can be relatively high, which can significantly impact homeowners' annual expenses. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Lyman Tax Bill
$3,185
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 Lyman, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03585 | $1,414 | $2,272 | $3,185 | $4,288 | $6,062 |
Source: Ownwell