Belmont tax rate drops as assessments rise

BELMONT — At first blush, the town’s new tax rate, as set by the New Hampshire Department of Revenue Administration, appears to be very good news. The tax rate dropped $4.24 per $1,000 of net assessed valuation, or 14.5 percent from last year’s rate, to $25.01 per $1,000.

The reason for the drop is a 21.9 percent increase in the town’s net assessed valuation. The increase means there is a larger tax base for collecting the $18,156,922 in total tax commitment for the town.

That means that a hypothetical $200,000 home that paid $5,850 in taxes in 2018 might be valued at $243,740 today, and would have a tax bill of $6,095.94.

This illustration does not take into account the new construction that contributes to the town’s net assessed valuation, and individual properties values will vary, based on the type of structure, location, and other factors.

The municipal tax rate is $7.98 per $1,000, a drop of 15.82 percent, or $1.50, from the 2018 rate of $9.48.

The county rate of $1.25 is 22 cents, or 14.97 percent lower than in 2018.

The state education rate of $1.89 is 44 cents, or 18.88 percent lower than in 2018.

The local education rate is $13.89, which is $2.08, or 13.02 percent lower than in 2018.

The town’s net assessed valuation rose from $605 million in 2018 to $737 million this year.

Town Administrator Jeanne Beaudin said the town’s last full revaluation was conducted in 2013-14 during a downturn in the market. As a result, the assessed value dropped back then.

Beginning in 2017 and continuing into 2019, the town conducted a full measure and list to comply with the state’s requirements to bring values to 100 percent of market value every five years. Beaudin said Belmont’s assessment ratio in 2018 was 0.784, which was about 22% below market value, hence the increase in the town’s net assessment.