Concord tax rate increases 4.97 percent for 2013
Tax rates will increase nearly 5 percent this year for most Concord residents.
The tax rate for property owners in the Concord School District is $25.58 per $1,000 in assessed property value, the city announced yesterday. The new rate, set this week by the state Department of Revenue Administration, is a 4.97 percent increase over the 2012 property tax rate.
For Penacook residents in the Merrimack Valley School District, the 2013 tax rate is $29.34 per $1,000 in assessed property value, or a 6.61 percent increase over last year. Penacook residents have a larger increase in their taxes because the Merrimack Valley School District’s tax rate increased 9.62 percent this year.
The municipal portion of the tax rate, which comes from the city of Concord’s budget, increased 4.27 percent this year.
“As a result of an overall decrease in assessed valuation of 1.017 percent, the city-only portion of the tax rate increased by 37 cents,” Deputy City Manager for Finance Brian LeBrun wrote in a report yesterday to the mayor and city council.
The city’s portion of the tax rate is higher than projected in June, when the city council set its budget and estimated a tax rate increase of 3.13 percent.
The difference between the final tax rate and the projected rate is a “direct result of the decrease in market valuation and a decrease in real growth,” LeBrun wrote in his report.
In 2012, the overall tax rate decreased nearly 1 percent for residents living in the Concord School District, as a result of an overall increase in property values.
Four separate rates are part of the overall tax rate: the city of Concord; Merrimack County; the Concord or Merrimack Valley school districts; and the state education tax rate.
An increase in the tax rate does not mean the actual amount all residents pay in taxes will increase nearly 5 percent.
Accounting for the overall decrease in property values this year, LeBrun said a property assessed at $250,000 in 2012 is now theoretically valued at $248,000. That means the tax bill for that property would increase about $251 this year, or 4.13 percent, for a total of $6,343.84.
In the Merrimack Valley School District, a home that was assessed at $250,000 in 2012 and is now theoretically assessed at $248,000 would have a tax bill increase of about $396, or 5.76 percent.
Actual bills and increases are different for each property, depending on the change in its assessment. Residential property values decreased 0.45 percent overall this year, though Director of Real Estate Assessments Kathryn Temchack said residential assessments increased slightly in some areas of the city. Overall commercial and industrial property assessments decreased 2.23 percent this year, compared with a 13.77 percent increase in 2012.
Tax bills will likely be mailed Nov. 26, LeBrun wrote.
Residents can view their property assessments at the city’s assessing department, the Concord Library or the Penacook branch library. They are also available online at concordnh.gov or visionappraisal.com.