Farmington, New Hampshire Property Taxes
The median property tax rate in Farmington, NH is 2.42%, significantly higher than both the national median of 0.99% and the New Hampshire state median of 1.91%. With the median home value in Farmington at $187,900, the typical annual property tax bill reaches $4,553, far exceeding the national median of $2,690. Property taxes in Farmington 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 Farmington'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 Farmington or another part of Strafford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmington, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$4,547
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, New Hampshire
Property taxes in Farmington, 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 Farmington is 2.42%, significantly higher than both the New Hampshire state median and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in New Hampshire and the national median. For comparison, the 03835 zip code has the highest median property tax rate of 2.42%, while the same zip code also has the lowest median tax rate of 2.42%. Understanding how these cities compare with Farmington provides valuable insights into the varying tax landscape across Strafford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
2.42%
Average Strafford County Tax Rate
2.42%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03835 | 2.42% | 2.42% | 2.42% | 2.42% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, New Hampshire
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmington, NH. The market value represents 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 Strafford 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 Farmington, 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. The median home price in Farmington is $187,900, with tax bills ranging from $3,409 at the 25th percentile to $7,200 at the 90th percentile. Notably, the zip code 03835 has both the highest and lowest median tax bill at $4,553. Understanding these valuation concepts helps property owners 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 Farmington, New Hampshire
Source: Ownwell
$171,300
$291,125
$410,950
Average Farmington Assessed Value
$187,900
Average Strafford County Assessed Value
$262,600
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03835 | $86,460 | $140,700 | $187,900 | $236,000 | $297,768 |
Source: Ownwell
Property Tax Bills Across Farmington, New Hampshire
In Farmington, located in Strafford County, 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 local assessors who evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, homeowners in Farmington experience a median property tax bill of $4,553, which is significantly higher than the national median of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in the 25th percentile can expect tax bills around $3,409, while those in the 75th percentile may see bills as high as $5,716, and in the 90th percentile, up to $7,200. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community’s quality of life.
Average Farmington Tax Bill
$4,553
Average Strafford County Tax Bill
$5,998
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03835 | $2,132 | $3,409 | $4,553 | $5,716 | $7,200 |
Source: Ownwell