The City’s 2022 tax rate was set by the NH Department of Revenue Administration. The City conducted a revaluation of property in 2022, which resulted in significant changes to the annual tax levy. According to Steven Whalen of Vision Government Solutions, which conducted the revaluation, these changes are being seen all over New England. In fact, the changes in property values are actually less significant in Lebanon than in many other communities.
City of Lebanon Tax Rates per $1000 of assessed valuation:
| 2021 | 2022 | |
| Municipal | $10.06 | $8.62 |
| Local School | $13.20 | $11.92 |
| Statewide Education | $2.02 | $1.14 |
| County | $1.70 | $1.36 |
| TOTAL | $26.98 | $23.04 |
The change in total tax rate represents a 14.6% reduction from 2021, which is positive news, but it does not tell the whole story. The recent and dramatic increase in the values of residential properties in contrast to the much lower increase in values of commercial and industrial properties has shifted more of the tax burden to the residential sector.
Over the last five years, residential properties in the City have consistently represented ~55% of the tax base and commercial properties have made up ~40% of the taxable value of the City. The remaining 4-5% is comprised of utility properties. The recent changes in the marketplace have increased the values of residential properties to just under 60% of the total tax base, with commercial properties now making up just 36% of the tax base.
This shift of the tax burden to residential properties, which has not occurred to this level in previous revaluations, will have a significant impact on some but not all residential property owners. Many residential property owners will see a significant increase in their property taxes as a result of this market shift when the tax bills are sent out in the coming days.
For more information, see the link to the City’s website, including a short video further explaining the impacts of the revaluation: LebanonNH.gov/2022Revaluation
To view the 2022 Revaluation of Property Presentation by City Manager Shaun Mulholland, please visit https://www.youtube.com/watch?v=Txt6L-4Xfvw
Original source can be found here.
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