If you’re a resident of New London, NH, understanding the tax rate in your area is important. The tax rate determines how much you’ll pay in property taxes, which is a significant expense for many homeowners. In this article, we’ll explore what the tax rate is in New London and how it’s calculated.
What Is the Tax Rate?
The tax rate in New London for the fiscal year 2021 is $16.39 per $1,000 of assessed value. This means that if your home has an assessed value of $300,000, you can expect to pay approximately $4,917 in property taxes.
How Is the Tax Rate Calculated?
The tax rate is calculated by dividing the total amount of money needed to fund municipal services by the total assessed value of all taxable property within the town’s limits. This calculation includes revenue from other sources such as state aid and fees.
Assessment Process
Assessors determine the value of each property within the town based on its fair market value. They consider factors such as location, size, age of buildings and improvements made to the property. The assessed value then serves as a basis for calculating property taxes.
Town Budget
The town budget is developed annually by town officials who determine what services are necessary and how much money will be allocated to each department for that fiscal year. Once approved by voters at Town Meeting or through other voting mechanisms such as absentee ballot voting or mail-in voting, it becomes part of the overall budget.
Total Taxable Value
Once all individual assessments are completed and added together, this total represents the taxable value of all properties within New London’s limits.
Conclusion
Understanding how your property taxes are calculated can help you plan your finances more effectively. By knowing the tax rate and how it’s determined, you’ll have a better idea of what to expect when it comes time to pay your property taxes. Keep in mind that the tax rate can change from year to year based on the town’s budget and other factors, so it’s important to stay informed about any changes that may affect your finances.
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