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2021 Tax Rate Has Been Set!

The Peterborough Select Board has approved the 2021 property tax rate as set by the New Hampshire Department of Revenue. Peterborough’s 2021 property tax rate has been set at $25.76 per $1,000 assessed value.

Property taxes collected are used to fund education, state, county, and local government services. The prior (2020) tax rate was $30.84 per $1,000 in assessed value. The New Hampshire Department of Revenue sets the Town’s tax rate based on the formula of “Tax Rate = Approved Budgets divided by Assessed Valuation”.

The 16.47%, or $5.08, decrease in the rate this year over last year is largely due to the new total assessed valuation of the Town, which increased significantly following the town-wide statistical update completed this fall. The update was required to bring assessed values in line with current market values, and many property owners, especially those of residential properties, saw their assessed property values increase as a result. Peterborough’s total assessed valuation (minus utilities) for 2021 is $861,485,413, an increase of $165,693,697, or nearly 24%, over the 2020 total assessed value.

The components of the tax rate (with last year’s information for comparison) are presented below:

 

 2020 Tax Effort

2020 Tax Rate

2021 Tax Effort

2021 Tax Rate

Town

$7,028,755

$9.92

$8,021,266

$9.17

Local School

$12,575,878

$17.74

$12,207,636

$13.96

State School

$1,420,063

$2.04

$1,433,218

$1.66

County

$805,769

$1.14

$845,464

$0.97

 

 

 

 

 

Total

$21,830,465

$30.84

$22,507,584

$25.76



The Finance Department is in the process of issuing the fall tax billing, which will use the new lower rate and the recently updated assessed values.








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