More taxes to pay despite rate drop
NASHUA – The city’s tax rate has dropped following the update of property assessments, but most homeowners still will see a tax hike because of the increased value of their properties.
The state Department of Revenue Administration announced the rate Friday as $19.85 per $1,000 of assessed value, a drop of nearly 18.5 percent.
With that rate, a home assessed at $200,000 will have a tax bill of $3,970.
Mayor Bernie Streeter said the tax rate is right where city leaders wanted it.
The reassessment of property raised the total assessed value of the city from $5.6 billion to $7.1 billion.
City officials estimated earlier this year that the average tax bill would increase by 9.3 percent for owners of single-family homes, 11.3 percent for condominium owners, 27.4 percent for owners of multi-family homes, and 11.4 percent for owners of manufactured homes.
The 2004 tax rate was $24.37 per $1,000. The new rate for 2005 is 2 cents lower than the estimated ratepredicted by city officials.
Administrative Services Director Maureen Lemieux said the estimated rate did not include a drop in the Hillsborough County portion of the rate. She said the city’s goal is to be conservative on the estimated rate so the actual rate is not any higher.
The taxes pay for the city’s approximately $189.6 million operating budget, along with an enterprise fund of $17.6 million for trash removal and wastewater treatment.
With the tax rate now set, tax bills will soon be printed and mailed. Tax Collector David Fredette said the bills would be due in the middle of December.