Litchfield, New Hampshire Property Taxes
The median property tax rate in Litchfield, NH is 2.09%, significantly higher than both the national median of 0.99% and the New Hampshire state median of 1.91%. With the median home value in Litchfield at $365,300, the typical annual property tax bill reaches $7,649, far exceeding the national median of $2,690. Property taxes in Litchfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Litchfield'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 Litchfield 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
Litchfield, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$7,635
Ownwell’s Litchfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Litchfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Litchfield 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 Litchfield, New Hampshire
Property taxes in Litchfield, New Hampshire, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Litchfield is 2.09%, significantly higher than both the New Hampshire state median and the U.S. national median of 0.99%. Local government entities within Litchfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Litchfield 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 Litchfield's effective property tax rate to other counties in New Hampshire and the national median. For comparison, the 03052 zip code has the highest median property tax rate of 2.09%, while the same zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with Litchfield provides valuable insights into the varying tax landscape across Hillsborough, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Litchfield Tax Rate
2.09%
Average Hillsborough County Tax Rate
1.89%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Litchfield, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03052 | 2.09% | 2.09% | 2.09% | 2.09% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Litchfield, New Hampshire
In Litchfield, 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 Hillsborough 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 Litchfield, 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. For instance, the median home price in Litchfield is $365,300, with tax bills ranging from $6,755 at the 25th percentile to $10,381 at the 90th percentile. The zip code 03052 has the highest and lowest median tax bill of $7,649. 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 Litchfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Litchfield, New Hampshire
Source: Ownwell
$132,100
$14,406,050
$28,680,000
Average Litchfield Assessed Value
$365,300
Average Hillsborough County Assessed Value
$355,600
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Litchfield, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03052 | $285,500 | $322,600 | $365,300 | $419,900 | $495,740 |
Source: Ownwell
Property Tax Bills Across Litchfield, New Hampshire
In Litchfield, Hillsborough County, NH, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the town’s assessor, who evaluates the property’s market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Litchfield experience varying tax bills depending on the value of their homes. For instance, the 25th percentile tax bill is around $6,755, while the 75th percentile tax bill reaches approximately $8,793. At the higher end, the 90th percentile tax bill can be as much as $10,381. Comparatively, with the national median property tax rate at 0.99%, Litchfield's property tax bills are notably higher, reflecting the town’s valuation and local tax policies. This can significantly impact homeowners, influencing decisions on purchasing, selling, or renovating properties. Balancing these costs with the benefits of living in Litchfield is a crucial consideration for residents.
Average Litchfield Tax Bill
$7,649
Average Hillsborough County Tax Bill
$6,748
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Litchfield, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03052 | $5,978 | $6,755 | $7,649 | $8,793 | $10,381 |
Source: Ownwell