The City of Lebanon has completed the 2020 city-wide revaluation of all real property within the city.
The last city-wide revaluation was performed in 2015. Per New Hampshire RSA 75:8-a, “The assessors and/or selectmen shall appraise all real estate within the municipality so that the assessments are at full and true value at least as often as every fifth year…”. The revaluation was based on an analysis of arm’s length sales that occurred in Lebanon from April 1, 2017 to April 1, 2020.
As a result of the revaluation, the total taxable value for Lebanon increased from $1,916,260,556 to $2,258,096,578, or a 17.8% increase. The increased taxable value resulted in a reduction of the 2020 tax rate to $27.05 (per thousand dollars of value) from the 2019 tax rate of $30.37, a difference of -$3.32 per $1,000 of total value.
While the total taxable value for the city increased 17.8%, individual property values increased at various rates. This is to be expected in a revaluation. The goal of the revaluation is to develop fair and equitable assessments. Many factors affect the value of individual properties, including physical condition, age, gross living area, and amenities. Additionally, external factors can affect groups of properties, such as changes in neighborhood desirability. These factors affect the values of individual properties and result in varying degrees of appreciation rates. Some properties increased more than the 17.8% total increase for the city, while other properties realized a smaller increase.
Listed below are examples of the resulting taxes, comparing the 2019 assessed value and related taxes to the 2020 assessed value and related taxes. Since the tax rate is calculated per $1,000 of value, the assessed value is divided by 1,000. The taxes are rounded to the nearest dollar.
| CHANGE IN ASSESSED VALUATION AND RESULTANT PROPERTY TAXES (2019 TO 2020) |
|---|
| PROPERTY 1 |
| 2019 VALUE | 2019 TAX RATE | 2019 TAXES | 2020 VALUE | 2020 TAX RATE | 2020 TAXES |
| $125,000 | $30.37 | $3,796 | $150,000 | $27.05 | $4,058 |
| PROPERTY 2 |
| 2019 VALUE | 2019 TAX RATE | 2019 TAXES | 2020 VALUE | 2020 TAX RATE | 2020 TAXES |
| $210,000 | $30.37 | $6,378 | $250,000 | $27.05 | $6,763 |
| PROPERTY 3 |
| 2019 VALUE | 2019 TAX RATE | 2019 TAXES | 2020 VALUE | 2020 TAX RATE | 2020 TAXES |
| $300,000 | $30.37 | $9,111 | $350,000 | $27.05 | $9,468 |
| PROPERTY 4 |
| 2019 VALUE | 2019 TAX RATE | 2019 TAXES | 2020 VALUE | 2020 TAX RATE | 2020 TAXES |
| $850,000 | $30.37 | $25,815 | $1,000,000 | $27.05 | $27,050 |
| PROPERTY 5 |
| 2019 VALUE | 2019 TAX RATE | 2019 TAXES | 2020 VALUE | 2020 TAX RATE | 2020 TAXES |
| $6,000,000 | $30.37 | $182,220 | $7,000,000 | $27.05 | $189,350 |
Some properties owners may realize a decrease in their annual taxes, while others may realize an increase in their annual taxes. The amount of change in the taxes is dependent on the percentage increase between the 2020 assessment and the prior assessment of each property. To determine your 2020 taxes, you need to calculate your new assessed value, divided by 1,000, then multiplied by the tax rate of $27.05. You can then compare the total taxes for 2020 to your total 2019 taxes to determine if your taxes increased or decreased.
For more information about the 2020 Lebanon Property Revaluation, please visit the 2020 Lebanon Property Revaluation page.