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2020 Lebanon Property Revaluation
About the 2020 Tax Rate
The City of Lebanon has completed its 2020 citywide revaluation of all real property within the city and the 2020 tax rate has been set.
The last citywide 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 $2,253,328,277, or a 17.6% increase. The increased taxable value resulted in a reduction of the 2020 tax rate to $27.09 (per thousand dollars of value) from the 2019 tax rate of $30.37, a difference of -$3.28 per $1,000 of the total value.
While the total taxable value for the city increased by 17.6%, 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 17.6% 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.
| 2019 Value | 2019 Tax Rate | 2019 Taxes | 2020 Value | 2020 Tax Rate | 2020 Taxes |
|---|---|---|---|---|---|
| $125,000 | $30.37 | $3,796 | $150,000 | $27.09 | $4,064 |
| $210,000 | $30.37 | $6,378 | $250,000 | $27.09 | $6,773 |
| $300,000 | $30.37 | $9,111 | $350,000 | $27.09 | $9,482 |
| $850,000 | $30.37 | $25,815 | $1,000,000 | $27.09 | $27,090 |
| $6,000,000 | $30.37 | $182,220 | $7,000,000 | $27.09 | $189,630 |
Calculating Your Taxes
Some property 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 $27.09. You can then compare the total taxes for 2020 to your total 2019 taxes to determine if your taxes increased or decreased.
2020 Property Revaluation Reports
As required by the NH Constitution, the Assessing Office has completed the update of all property values for the April 1, 2020 assessment. A revaluation of property takes place in Lebanon every 5 years. Since the City’s 2015 revaluation, real estate market value changes have resulted in assessments that were approximately 20% below market value. By state law, real estate values must be assessed within 10% of full market value. The 2020 assessments represent our best estimate of the fair market values of properties at a 100% assessment level.
Value Change Notices have been mailed to every property owner in Lebanon. The letter provides a description of the difference in assessed valuation from the most current value of your property to the reassessed value. Also included is information on the process for scheduling an appointment for an informal hearing so we may hear your concerns/questions relative to the new value. Please review the letter and contact us with any questions or to schedule an appointment.
The updated valuation for the entire City has been calculated and sent to the New Hampshire Department of Revenue Administration for review. Once completed, they will set the new tax rate. We are anticipating the new rate to be set in early November. The new assessments and resulting tax rate will be reflected in the December 2020 tax bill. Please do not apply the current tax rate to your new assessment as it will not be correct. Once the new rate is set, we will post it to the website.
The full revaluation of each individual property in the City has been made available for public review. The first report lists properties by location (property address) and the other lists properties by their identifying Map & Lot Numbers.
Please call the Assessing Office at 603-448-1499 with any questions.