As projected, a 3.5% increase in the city tax rate and a 6% increase in the Concord School District tax rate were driving forces behind a 5% increase in Concord property taxes, per the rates released by the state on Thursday.
When tax bills arrive in the next few weeks, the overall rate in Concord will be $29.11 – up $1.42 from the year before. That means a home assessed at $350,000 will now pay more than $10,000 a year in taxes in New Hampshire’s capital city.
Concord residents face a 34 cent increase in the city rate and an 85-cent increase in the school rate, after unexpected health insurance and special education costs left a $5 million shortfall in the district’s budget this fall.
In Penacook, the total tax rate will be $30.74. A decline of 46 cents in the Merrimack Valley School District rate meant the total Penacook rate rose only ten cents.
The Merrimack County tax rate rose 22 cents to $2.54 – a 9% increase from the year before.
A $1.42 bump translates to a $500 increase on the bill of a $350,000 home.
To calculate your property tax bill, divide the value of your property by 1000 and then multiply that number by the overall tax rate for your area.