Quote:
Originally Posted by garysanfran
"The State requires that property taxes be set at a certain percentage of 100% of the market value of the Town's real estate values. You are invited to come in and talk to the assessor about your situation"...was the reply I just got. Let's ALL make an appointment.
So, this equation is set by the State? Why does the State get involved in a local's tax rate?
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I think what they are saying is that the state does not allow them to have more than one real estate tax rate and that rate is applied the market value of the real estate. If they can't justify the added 14% tax revenue from lake front, the town-wide tax rate should go down. However, if non-lake front real estate market value did not also increase 14%, lake front real estate owners will still pay higher taxes than they did before. Due to the tremendously high property taxes, NH is a terrible place to have a vacation home.
If you really want to keep a house in the family for generations to come, you'd be wise to create a trust fund that grows steadily and earns enough income to cover upkeep and taxes.