Most City Of Concord Real Estate Property Tax Rates Dropping

CONCORD, NH — Nearly all property taxpayers in Concord will see lower property tax rates due to higher real estate valuations. These new, lower rates though won't lead to lower property taxes – the higher valuations ensure property taxes will still rise in 2019. The overall increased assessment valuation rose by 3.9 percent, according to Brian LeBrun, the deputy city manager-finance.

The one exception is homeowners in the Merrimack Valley School District. Those homeowners will see lower rates on the city, county, and statewide education property tax but the local school rate will increase – by 71-cents, per thousand. This will lead to an increase of a property tax rate for MV households from $33.60 to $34.10 whereas other Concord residents will see a decrease – $28.19 to $27.78.

"Based upon the confirmed 2019 city portion of the tax rate, and the market value increase in assessed valuation of 2.94 percent (final taxable value, less real growth, less exempt value now taxable – which reflects only the market change), a property assessed at $250,000 last year would theoretically increase in value to $257,350 for this year," LeBrun said. "Additionally, the approved DRA tax rate being lower than the estimated tax rate calculated in the approval Fiscal Year 2020 budget is a direct result of the increase in overall valuation; an increase in real growth, net of abatements; and an increase in revenues."

The lower rates will lead to property tax increases, however, that will be lower than what they could be.

A $250,000 property in tax year 2018 for Concord in the SAU 8 school district paid $28.19 per thousand for a total payment to the city, school district, and county, of $7,047.50. That property increased in valuation to $257,350 for tax year 2019 with a tax rate of $27.78 or $7,149.18 or an increase of $101.68 (1.44 percent).

In the Merrimack Valley School District, a $250,000 house paid $33.60 per thousand or $8,400 for the 2018 tax year. For the tax year 2019, with an increased valuation to $257,350, property taxes will increase by $375.64 to $8775.64 or 4.47 percent.

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