Tax Rates Going Up in Concord, Down in Penacook

Editor’s Note: The headline of this post has been corrected because, as was pointed out to me on Nov. 7, 2015, while Pencook’s tax rates went down, the assessments of homes in the area increased, meaning that taxes in the village actually went up. In fact, due to assessment increases, no one’s “taxes” are going down and the headline gave the impression that they were dropping. Everyone’s taxes are increasing, nearly everyone’s assessments went up, Concord’s tax rates went up, but Penacook’s tax rates went down. See the specific data below.

The New Hampshire Department of Revenue Administration has approved the City of Concord’s 2015 tax rates, according to the city manager’s office.

For Concord residents

City of Concord

2014 rate: $9.38

2015 rate: $9.60

Increase: $0.22 or 2.35 percent

Merrimack County

2014 rate: $3.23

2015 rate: $2.98

Decrease: -$0.25 or -7.74 percent

Concord School District

2014 rate: $11.60

2015 rate: $12.15

Increase: $0.55 or 4.74 percent

State Education Rate

2014 rate: $2.60

2015 rate: $2.61

Increase: $0.01 or 0.38 percent

City of Concord Total Tax Rate: $27.34, up from $26.81 in 2014, a total increase of $0.53 or 1.98 percent.

For Penacook village residents

City of Concord Rate

2014 rate: $938

2015 rate: $9.60

Increase: $0.22 or 2.35 percent

Merrimack County

2014 rate: $3.23

2015 rate: $2.98

Decrease: -$0.25 or -7.74 percent

Merrimack Valley School District

2014 rate: $17.29

2015 rate: $17.25

Decrease: -$0.04 or -0.23 percent

State Education Rate

2014: $2.49

2015 $2.43

Decrease: -$0.06 or -2.41 percent

Village of Penacook Total Tax Rate

2015: $19.68, down from $19.79 in 2014, a total decrease of -$0.10 or -0.51 percent.

According to Deputy City Manager Brian LeBrun, the Department of Revenue Administration confirmed the final 2015 property tax rates. As a result of an overall increase in assessed valuation of 2.39% and the Fiscal Year 2016 adopted budget, the City only portion of the tax rate increased by 22 cents.

The Assessing and Tax Collection Departments are reconciling the assessment and tax billing files, and the final tax bills are anticipated to be mailed on or about Nov. 20. Printouts listing the new assessments as of April 1, 2015 will be available for public inspection at the Assessing Department, the Concord Library and the Penacook Library and on the City’s website, on Friday Nov. 6.

The assessments may be found at www.concordnh.gov or www.visionappraisal.com; Click on Assessing and then click on Assessing Online Data Bases.

Based upon the confirmed 2015 City portion of the tax rate and the market value increase in assessed valuation of 1.52%, (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 $253,800 for this year.

Additionally, the approved DRA tax rate being lower than the estimated tax rate calculated on the approved Fiscal Year 2016 budget, is a direct result of the increase in overall valuation and an increase in real growth, net of abatements, and an increase of exempt property now being classified as taxable, of $89,789,548.

The following is an example of an “on average” property. The tax bill on the “on average” property would change by:

Tax Year 2014 $250,000 City Portion $9.38 rate = $2,345.00

FY16 Budget $250,000 City Portion $9.77 rate = $2,442.50 an increase of $97.50 or 4.16%

Tax Year 2015 $253,800 City Portion $9.60 rate = $2,436.48 an increase of $91.48 or 3.90%