Somersworth, New Hampshire Property Taxes
The median property tax rate in Somersworth, NH is 2.81%, 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 Somersworth at $218,350, the typical annual property tax bill reaches $6,090, exceeding the national median of $2,690. Property taxes in Somersworth 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 Somersworth'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 Somersworth 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
Somersworth, 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 Somersworth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somersworth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somersworth 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 Somersworth, New Hampshire
Property taxes in Somersworth, 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 Somersworth is 2.81%, significantly higher than the U.S. national median of 0.99%. Local government entities within Somersworth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somersworth 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. Understanding how these cities compare with Somersworth 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 Somersworth Tax Rate
2.81%
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 Somersworth, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03878 | 2.81% | 2.81% | 2.81% | 2.81% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Somersworth, New Hampshire
In Somersworth, 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 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 Somersworth, 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 Somersworth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 03878 has the highest and lowest median tax bill, both at $6,090.
Property Tax Assessment Values Across Somersworth, New Hampshire
Source: Ownwell
$171,300
$291,125
$410,950
Average Somersworth Assessed Value
$218,350
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 Somersworth, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03878 | $50,870 | $184,400 | $218,350 | $262,725 | $305,830 |
Source: Ownwell
Property Tax Bills Across Somersworth, New Hampshire
In Somersworth, NH, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The city assesses properties to establish their market value, which serves as the basis for calculating the tax bill. For instance, with a median home price of $218,350, homeowners can expect their tax bills to vary significantly. Factors such as property size, location, and improvements can influence the assessed value. The local tax rate is applied to this assessed value to calculate the annual tax bill. In Somersworth, the tax bill can range widely, with the 25th percentile at approximately $5,132 and the 75th percentile reaching around $7,331. The highest median tax bill recorded in the city is $6,090. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Somersworth may find their tax obligations to be relatively high, impacting their overall cost of living.
Average Somersworth Tax Bill
$6,090
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 Somersworth, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03878 | $1,434 | $5,132 | $6,090 | $7,331 | $8,494 |
Source: Ownwell