Elkins, New Hampshire Property Taxes
The median property tax rate in Elkins, NH is 1.59%, 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 Elkins, the typical annual property tax bill reaches $5,482, exceeding the national median of $2,690. Property taxes in Elkins 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 Elkins'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 Elkins 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
Elkins, 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 Elkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkins 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 Elkins, New Hampshire
Property taxes in Elkins, New Hampshire, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkins is 1.59%, significantly higher than the U.S. national median of 0.99%. Local government entities within Elkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkins 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 Elkins' effective property tax rate to other counties in New Hampshire and the national median. For comparison, the 03233 zip code has both the highest and lowest median property tax rate of 1.59%. Understanding how these cities compare with Elkins provides valuable insights into the varying tax landscape across Merrimack County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkins Tax Rate
1.59%
Average Merrimack County Tax Rate
2.44%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkins, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03233 | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Elkins, New Hampshire
In Elkins, 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 Merrimack County appraisal authorities 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 Elkins, 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 Elkins stands at $345,665, with tax bills ranging from $4,116 at the 25th percentile to $8,462 at the 90th percentile. The highest median tax bill is found in zip code 03233, amounting to $5,482. 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 Elkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elkins Assessed Value
$345,665
Average Merrimack County Assessed Value
$264,400
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkins, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03233 | $182,450 | $259,500 | $345,665 | $421,300 | $533,510 |
Source: Ownwell
Property Tax Bills Across Elkins, New Hampshire
In Elkins, Merrimack 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 the local assessor's office and reflects the market value of the property. Homeowners in Elkins can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is $4,116, while at the 75th percentile, it rises to $6,682. At the 90th percentile, homeowners might see a tax bill as high as $8,462. These tax bills are influenced by various factors, including the property's location within Merrimack County, its assessed value, and the specific tax rate applied. The median home price in Elkins is $345,665, which is a key factor in determining the assessed value. Compared to the national median property tax rate of 0.99%, Elkins' tax rates can be considerably higher, impacting homeowners' annual financial planning and overall cost of living.
Average Elkins Tax Bill
$5,482
Average Merrimack County Tax Bill
$6,194
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkins, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03233 | $2,894 | $4,116 | $5,482 | $6,682 | $8,462 |
Source: Ownwell