Northwood, New Hampshire Property Taxes
The median property tax rate in Northwood, NH is 2.38%, 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 Northwood at $247,200, the typical annual property tax bill reaches $5,893, exceeding the national median of $2,690. Property taxes in Northwood 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 Northwood'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 Northwood 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
Northwood, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$5,883
Ownwell’s Northwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northwood 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 Northwood, New Hampshire
Property taxes in Northwood, New Hampshire, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northwood is 2.38%, significantly higher than both the New Hampshire state median and the U.S. national median of 0.99%. Local government entities within Northwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northwood 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 Northwood's effective property tax rate to other areas in New Hampshire and the national median. For comparison, the 03261 zip code has the highest median property tax rate of 2.38%, while the same zip code also has the lowest median tax rate of 2.38%. Understanding how these figures compare with Northwood provides valuable insights into the varying tax landscape across Merrimack County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Northwood Tax Rate
2.38%
Average Merrimack County Tax Rate
2.44%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northwood, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03261 | 2.38% | 2.38% | 2.38% | 2.38% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Northwood, New Hampshire
In Northwood, 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 Merrimack 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 Northwood, 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. For instance, Northwood's median tax bill stands at $5,893 in the 03261 zip code, which is significantly higher than the national median property tax rate of 0.99%. Being aware of these valuation processes in Northwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Northwood, New Hampshire
Source: Ownwell
$10,000
$280,850
$551,700
Average Northwood Assessed Value
$247,200
Average Merrimack County Assessed Value
$264,400
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Northwood, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03261 | $181,800 | $205,500 | $247,200 | $305,900 | $403,080 |
Source: Ownwell
Property Tax Bills Across Northwood, New Hampshire
In Northwood, Merrimack County, NH, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town’s assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $247,200, homeowners in Northwood can expect varying tax bills depending on their property's assessed value. The tax bill at the 25th percentile is around $4,899, while at the 75th percentile, it rises to approximately $7,293. Those in the 90th percentile might see tax bills as high as $9,610. These variations highlight how different factors, such as property location within the city and specific property characteristics, influence the final tax amount. Compared to the national median property tax rate of 0.99%, Northwood's rates may significantly impact homeowners, making it crucial for them to understand their property assessments and potential tax obligations.
Average Northwood Tax Bill
$5,893
Average Merrimack County Tax Bill
$6,194
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Northwood, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03261 | $4,334 | $4,899 | $5,893 | $7,293 | $9,610 |
Source: Ownwell