If you are a New Hampshire property owner, you received a property tax bill in December. Did you know that New Hampshire property owners who believe the tax assessed value of their properties is incorrect can file an abatement petition? The abatement request, seeking a reduction in your property taxes, must be filed with your municipality.
Property taxes are calculated using a formula: assessed fair market value (FMV) multiplied by the municipal tax rate. Municipal tax rates are uniform statewide, so a property’s assessed value typically provides the most opportunity for adjustment. An appropriate FMV should consider a variety of factors, including property type, lot size, neighborhood and zoning restrictions, in addition to review of comparable sales and the ever-changing real estate market.
To determine FMV, local municipalities frequently rely on mass appraisals and formulas. While it may be cost-effective for a municipality to go this route, properties typically aren’t given much individual attention. This generalized FMV calculation can lead to over-assessments and higher property tax bills.
If your most recent New Hampshire property tax bill seems exorbitant, consider contacting an attorney well-versed in tax abatement petitions. Unless you recently purchased the property and have a sale price to point to, obtaining evidence of FMV can be difficult to get alone. An experienced tax abatement attorney should have connections with professional real estate appraisers in New Hampshire and can negotiate with your municipality’s tax assessor’s office. The attorney can also handle an appeal to the New Hampshire Superior Court, if needed.
An abatement petition contesting the prior year’s assessment must be filed no later than March 1. This means, to contest the 2023 tax assessment, you have until March 1, 2024. The local assessment office has until July 1 to decide on the petition. If the abatement request is denied, property owners can appeal to the Superior Court or the NH Board of Tax and Land Appeals.
At Wescott Law, we have a team of attorneys experienced in New Hampshire real estate tax abatements and are happy to speak with you about your abatement options. Wescott Law is dedicated to serving the legal needs of businesses and individuals in the Lakes Region and beyond. Our main office is located in Laconia with satellite locations in Meredith and Plymouth. Contact us today at info@wescottlawnh.com or (603) 524-2166.