New Rochester mil rate up four cents; median price homeowner will pay $5,127

ROCHETER - Rochester City Manager Blaine Cox released on Thursday that the tax rate for property taxes to be billed this December has been set at $24.65 per thousand dollars of property value, a four-cent increase over the prior year.

This represents a 0.2 percent increase from the previous $24.61 rate (per thousand dollars of assessed valuation).

The four-cent increase to the rate is attributed to the combination of multiple factors and does not necessarily mean residents will see a higher property tax bill, Cox said.

The county tax increased 4.8 percent and the local school portion increased 4.2 percent while the municipal tax decreased 2.3 percent and the state education effort decreased 4.5 percent.

The changes resulted in a 1.5 percent increase to the total amount to be raised through taxation. The total net assessed valuation increased by $37,138,199 or 1.3 percent over the prior year.

The breakdown of Rochester's tax rate is as follows:

■ City: $7.89 (decrease of 29 cents from last year).

■ Local education: $12.41 (increase of 35 cents).

■ State education: $1.84 (decrease of 10 cents).

■ County: $2.51 (increase of 8 cents).

The current median assessed value of a single-family home is $208,000 and will receive a tax bill of $5,127. Taxes on an assessment of $208,000 last year resulted in a tax bill of $5,119.

Municipal figures show Rochester has experienced an approximate increase of 23 percent in the median single-family home value between April 1, 2019, and April 1, 2021 (two years). The 2020 median assessment was $208,000 and when equalized at 93.3 percent represented a fair market value of $222,900.

The 2021 assessment equalization rate has not yet been set by the NH Department of Revenue Administration. The estimated 2021 equalization rate is 76.8 percent, which represents a fair market value of $270,800 for a home with a median assessed value of $208,000.

Final tax bills are being processed and are tentatively scheduled to be mailed on Dec. 15. Tax bills are due 30 days from the mailing date.