Portsmouth, New Hampshire Property Taxes
The median property tax rate in Portsmouth, NH is 1.52%, 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 Portsmouth, the typical annual property tax bill reaches $6,641, exceeding the national median of $2,690. Property taxes in Portsmouth 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 Portsmouth'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 Portsmouth 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
Portsmouth, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$6,650
Ownwell’s Portsmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portsmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portsmouth 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 Portsmouth, New Hampshire
Property taxes in Portsmouth, New Hampshire, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portsmouth is 1.52%, significantly higher than the U.S. national median of 0.99%. Local government entities within Portsmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portsmouth 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 Portsmouth's effective property tax rate to other areas in Rockingham County and the national median. For comparison, the 03804 zip code has the highest median property tax rate of 1.81%, while the 03801 zip code has the lowest median tax rate of 1.52%. Understanding how these areas compare with Portsmouth provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Portsmouth Tax Rate
1.52%
Average Rockingham County Tax Rate
1.90%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portsmouth, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03801 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 03804 | 1.81% | 1.81% | 1.81% | 1.81% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Portsmouth, New Hampshire
In Portsmouth, 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 Rockingham 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. Assessment notices in Portsmouth 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, the highest median tax bill in Portsmouth is $7,735 in the 03804 zip code, while the lowest is $6,640 in the 03801 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Portsmouth, New Hampshire
Source: Ownwell
$275,100
$1,110,250
$1,945,400
Average Portsmouth Assessed Value
$437,500
Average Rockingham County Assessed Value
$373,900
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Portsmouth, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03801 | $218,390 | $312,825 | $437,500 | $632,300 | $834,260 |
| 03804 | $427,600 | $427,600 | $427,600 | $427,600 | $427,600 |
Source: Ownwell
Property Tax Bills Across Portsmouth, New Hampshire
In Portsmouth, NH, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor’s office, which evaluates the property’s market value. 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 market trends. In Rockingham County, where Portsmouth is located, the median home price stands at $437,500. Homeowners in Portsmouth can expect property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $4,758, while it reaches $9,577 at the 75th percentile and $12,641 at the 90th percentile. High property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability. Comparing these figures to the national median property tax rate of 0.99%, Portsmouth's rates can be considered relatively high, reflecting the region's property values and local tax policies.
Average Portsmouth Tax Bill
$6,641
Average Rockingham County Tax Bill
$6,989
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Portsmouth, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03801 | $3,293 | $4,758 | $6,640 | $9,578 | $12,641 |
| 03804 | $7,735 | $7,735 | $7,735 | $7,735 | $7,735 |
Source: Ownwell