Nashua property values up about $1B
NASHUA – Property values are skyrocketing, with the city’s total valuation likely going up by more than $1 billion.
“It’s going to be somewhere very close to $10 billion,” Mayor James Donchess said of the new total estimated value.
Nashua is nearly done with the state-mandated property revaluation, while letters are already going out to homeowners detailing their new home valuation. In some cases, the valuations are going up by 25 percent to 30 percent. While that valuation will be used to calculate the annual property tax bill, Donchess cautioned, the tax rate has not been set.
“The current tax rate will go down,” Donchess said.
Nashua hired Massachusetts firm, KRT Appraisal, to conduct the revaluation after city officials lobbied the state for permission to skip the process. New Hampshire mandates that all cities and towns must reassess property values every five years. Before the reassessment, Nashua listed $5.3 billion worth of residential property value, and another $3.2 billion worth of commercial property.
The current tax rate of $25.79 per $1,000 valuation will likely be much lower by the time the tax rate is set in November, according to Donchess. With the current tax rate, a home valued at $250,000 would have an annual property tax bill of $6,447.50.
Donchess said the forthcoming tax rate decrease will result in most people having a similar tax bill to this year, although some may see an increase from the valuations. However, the increase should not approach the 25 percent to 30 percent valuation increase.
KRT has yet to complete the revaluations for the commercial property in Nashua, though that should be done in the coming weeks, Donchess said.
The new property values that are complete are available online at Assessing Department’s page at www.nashuanh.gov/150/Assessing-Department.
There are also tax exemptions available for elderly or disabled homeowners, as well as a tax credit for some veterans, available through the Assessing Department.
Damien Fisher can be reached at 594-1245 or email@example.com or @Telegraph_DF.