Salem, New Hampshire Property Taxes
The median property tax rate in Salem, NH is 1.60%, considerably higher than the national median of 0.99% but lower than the New Hampshire state median of 1.91%. With the median home value in Salem at $412,200, the typical annual property tax bill reaches $6,616, far exceeding the national median of $2,690. Property taxes in Salem 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 Salem'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 Salem 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
Salem, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$6,595
Ownwell’s Salem Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Salem to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities with ease. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down for localized information. Your property’s assessed value is determined by Rockingham County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Salem, New Hampshire
Property taxes in Salem, New Hampshire, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 1.60%, significantly higher than both the New Hampshire state median and the U.S. national median of 0.99%. Local government entities within Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salem 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 Salem's effective property tax rate to other counties in New Hampshire and the national median. For comparison, the zip code 03079 has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Salem 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 Salem Tax Rate
1.60%
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 Salem, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03079 | 1.60% | 1.60% | 1.60% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Salem, New Hampshire
In Salem, 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. In Salem, 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. Salem's median home price is $412,200, and the median tax bill ranges from $5,531 at the 25th percentile to $10,495 at the 90th percentile. The zip code 03079 has both the highest and lowest median tax bills at $6,616. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Salem, New Hampshire
Source: Ownwell
$275,100
$1,110,250
$1,945,400
Average Salem Assessed Value
$412,200
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 Salem, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03079 | $157,000 | $344,600 | $412,200 | $520,600 | $653,320 |
Source: Ownwell
Property Tax Bills Across Salem, New Hampshire
In Salem, Rockingham County, NH, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Salem is $412,200, and property taxes are determined by multiplying this assessed value by the local tax rate. The tax bill you receive can vary significantly depending on several factors, including the specific assessed value of your property and any applicable exemptions. For example, the tax bill for the 25th percentile is $5,531, while it rises to $8,357 for the 75th percentile, and can go up to $10,495 for the 90th percentile. These variations highlight how different factors, such as property size, location, and improvements, can influence the final tax amount. Compared to the national median property tax rate of 0.99%, homeowners in Salem may find their tax bills relatively higher, which can impact their overall housing costs and budgeting. Understanding these factors can help homeowners better anticipate and plan for their annual property tax expenses.
Average Salem Tax Bill
$6,616
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 Salem, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03079 | $2,520 | $5,531 | $6,616 | $8,357 | $10,495 |
Source: Ownwell