Lyme, New Hampshire Property Taxes
The median property tax rate in Lyme, NH is 2.40%, 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 Lyme at $426,750, the typical annual property tax bill reaches $10,234, far exceeding the national median of $2,690. Property taxes in Lyme 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 Lyme'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 Lyme 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
Lyme, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$10,242
Ownwell’s Lyme Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Lyme using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyme to provide an estimate of your property tax bill. This insightful tool allows you to understand potential tax liabilities with ease. For those interested in more granular details, you can scroll down to explore trends on a neighborhood level. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lyme, New Hampshire
Property taxes in Lyme, New Hampshire, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyme is 2.40%, significantly higher than both the New Hampshire state median and the U.S. national median of 0.99%. Local government entities within Lyme set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyme 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 Lyme's effective property tax rate to other counties in New Hampshire and the national median. For comparison, the zip code 03768 has the highest median property tax rate of 2.40%, while the same zip code also has the lowest median tax rate of 2.40%. Understanding how these cities compare with Lyme 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 Lyme Tax Rate
2.40%
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 Lyme, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03768 | 2.40% | 2.40% | 2.40% | 2.40% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Lyme, New Hampshire
In Lyme, 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 Lyme, 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 example, the highest median tax bill in Lyme is $10,234 in the 03768 zip code. Being aware of these valuation processes in Lyme helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lyme Assessed Value
$426,750
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 Lyme, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03768 | $186,500 | $287,675 | $426,750 | $625,025 | $853,300 |
Source: Ownwell
Property Tax Bills Across Lyme, New Hampshire
In Lyme, 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, who evaluates the property's market value and then applies the town's assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For example, the median home price in Lyme is $426,750. Homeowners in the 25th percentile can expect a tax bill around $6,898, while those in the 75th percentile face bills up to $14,988. The highest tax bills, in the 90th percentile, can reach $20,463. These property taxes are a significant consideration for homeowners, impacting their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, homeowners in Lyme may experience higher tax rates, reflecting the town's specific needs and budget requirements.
Average Lyme Tax Bill
$10,234
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 Lyme, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03768 | $4,472 | $6,898 | $10,234 | $14,988 | $20,463 |
Source: Ownwell