Milford, New Hampshire Property Taxes
The median property tax rate in Milford, NH is 2.22%, 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 Milford, the typical annual property tax bill reaches $6,873, exceeding the national median of $2,690. Property taxes in Milford 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 Milford'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 Milford 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
Milford, New Hampshire Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$3,820
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, New Hampshire
Property taxes in Milford, New Hampshire, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 2.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in New Hampshire and the national median. For comparison, the zip code 03055 has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Hillsborough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
2.22%
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 Milford, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03055 | 2.22% | 2.22% | 2.22% | 2.22% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Milford, New Hampshire
In Milford, 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 Milford, 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. Being aware of these valuation processes in Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Milford is $6,873, both found in the zip code 03055.
Property Tax Assessment Values Across Milford, New Hampshire
Source: Ownwell
$132,100
$14,406,050
$28,680,000
Average Milford Assessed Value
$310,000
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 Milford, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03055 | $164,900 | $249,700 | $310,000 | $374,800 | $444,360 |
Source: Ownwell
Property Tax Bills Across Milford, New Hampshire
In Milford, NH, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the home's size, age, location, and any improvements made to the property. For instance, the median home price in Milford is $310,000, and the property tax rate is significantly higher than the national median of 0.99%. Homeowners in Milford can expect their tax bills to vary widely. For example, the 25th percentile tax bill is $5,536, while the 75th percentile tax bill is $8,308, and the 90th percentile reaches up to $9,849. The highest median tax bill in the area is $6,873, which is consistent across all zip codes in the region. These property taxes can significantly impact homeowners, influencing their overall housing costs and potentially affecting their long-term financial planning.
Average Milford Tax Bill
$6,873
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 Milford, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03055 | $3,656 | $5,536 | $6,873 | $8,308 | $9,849 |
Source: Ownwell