An increase in New Hampshire’s assessed property value could be the main cause of a large-scale relocation that happened during the Pandemic. As some New Hampshire homeowners have recently learned, the residential assessed property value grew rapidly over the past two years.
People living in metropolitan areas like New York City fled for smaller communities, hoping the lower concentration of people would provide some protection from Covid. The result: an increase in the number of people purchasing houses across New Hampshire. As expected, the influx of new buyers caused the real estate market to tighten, and prices rose sharply.
Residential Assessed Value Increase Will Not Affect Business Property Taxes
It is worth noting that this increase in residential real estate values did not translate to commercial properties. With the pandemic expanding the number of people working remotely, far fewer workers congregated into business districts during the day, which impacted the financial health of the business market.
Because residential real estate values grew faster than the commercial equivalent, it’s homeowners in many New Hampshire communities who may now owe a larger share of total property tax revenues.
More information on property tax rates can be found by visiting the New Hampshire Department of Revenue Administration.