Richmond, New Hampshire Property Taxes
The median property tax rate in Richmond, NH is 2.34%, 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 Richmond, the typical annual property tax bill reaches $4,097, exceeding the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, 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 Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Richmond, New Hampshire
Property taxes in Richmond, NH, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Richmond is 2.34%, significantly higher than both the New Hampshire state median and the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other areas in New Hampshire and the national median. For comparison, the zip code 03470 has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these areas compare with Richmond provides valuable insights into the varying tax landscape across Cheshire County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
2.34%
Average Cheshire County Tax Rate
2.60%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03470 | 2.34% | 2.34% | 2.34% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, New Hampshire
In Richmond, 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 Cheshire 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 Richmond, 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Richmond's highest and lowest median tax bills are both $4097, found in the 03470 zip code.
Property Tax Assessment Values Across Richmond, New Hampshire
Source: Ownwell
$134,200
$264,050
$393,900
Average Richmond Assessed Value
$174,600
Average Cheshire County Assessed Value
$207,690
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03470 | $53,662 | $133,300 | $174,600 | $212,768 | $262,239 |
Source: Ownwell
Property Tax Bills Across Richmond, New Hampshire
In Richmond, NH, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $174,600, homeowners can expect varying tax bills. The 25th percentile tax bill is around $3,145, while the 75th percentile reaches up to $4,993. At the 90th percentile, tax bills can climb to $6,155, reflecting the range of property values and tax rates within the area. Several factors influence the assessed value, including the home's location, size, and condition. These tax bills significantly impact homeowners, as they represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, Richmond's property taxes can be relatively high, making it crucial for homeowners to understand their assessments and explore potential exemptions or appeals to manage their tax burden effectively.
Average Richmond Tax Bill
$4,097
Average Cheshire County Tax Bill
$5,311
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03470 | $1,318 | $3,145 | $4,097 | $4,993 | $6,155 |
Source: Ownwell