A tax abatement may save you money on property taxes.
If you are like most people, you probably think you are paying too much in property taxes. In some cases, you may be right.
Property taxes in New Hampshire are based on the assessed value of your real estate as of April 1st of each year. If your assessment is incorrect, then you may in fact be paying more than your share of property taxes.
An assessment may be incorrect due to a number of reasons, such as the information used by the assessor may have been incorrect (i.e. you actually have 3 bedrooms instead of 4), or the assessment is substantially higher than the equalized market value of the property. The market value of real estate may be determined by having the property appraised by a licensed appraiser or by comparing it with local comparable properties which have sold recently.
To change the assessment of your property, you must file a request for an abatement with your city or town by March 1st (in most locations). If the municipality denies the abatement request or fails to respond by July 1st, which is the same as a denial, then you have until September 1st to file an appeal with the Superior Court or the Board of Land and Tax Appeals. To win the appeal, you must prove through appraisals or other evidence that your taxes are unfair, illegal or disproportionately high.
You must continue paying your property taxes during the abatement process, but if the abatement is granted then you will receive a tax refund plus 6% interest. In addition, the new lower assessment amount will then continue for future tax years until there is a good faith reason to reassess the property (such as changes to the property or a town-wide reassessment).
For more information on how a tax abatement can save you money on property taxes, please contact Attorney Chris Ratté.
NOTICE: The information and articles posted on this website are for informational purposes only and are not intended as legal advice. Contact me to discuss your particular situation or consult a licensed attorney in your state.
Related posts:
