A Home Buyer’s Guide to New Hampshire Taxes: Property Tax, Sales Tax, and More
Living in New Hampshire provides its residents with a lot of benefits, such as the distinctive four seasons, its variety of gorgeous landscapes, and no sales or income tax. We have to admit, the last one is definitely the biggest draw! If you’re reading this, you’re probably curious about the taxes in NH and what they mean as a resident. Well we’re here to explain all of that to you, so keep going!
New Hampshire Sales Tax:
A big draw to the state is the fact that New Hampshire has no sales tax - the price you see on the sticker is the price you’re paying at the register. There are, however, a few specific taxes on certain products and services, such as prepared foods and restaurants, car and hotel rentals, electricity, and telecommunications services. But if you are at a store and find a t-shirt you like, and the price tag says $15.99, you’re paying just that at checkout. No sales tax in NH is helpful in many ways, since you’re not spending more money and you don’t have to do the pesky math that comes along with different sales tax percentages. It’s a win-win!
New Hampshire Income Tax:
Like NH sales tax, NH income tax is also 0% - individual income is not subject to any tax at the state level. However, there are a few exceptions that fall into the Interest and Dividend Tax, which only means the state can tax income from interest and dividends. That tax is at a flat rate of 5%. So with New Hampshire not having an income tax, this means residents and those working in NH are not required to file an individual NH tax return during tax season.
New Hampshire Property Tax:
New Hampshire Property Tax is a little tricky to give an average percentage, since it varies from town to town throughout the state. However, that also gives home buyers a little bit of an advantage going into the homebuying process. Knowing that property taxes vary, the buyers can do a little research into the areas they’re interested in as well as some surrounding towns and cross compare property tax percentages, and in turn, securing the best option for their budget. Although some towns are on the higher end of property taxes, there are some towns that are very low, making the options appealing to every lifestyle and budget.
New Hampshire offers a lot of benefits, through taxes and otherwise. If you’re thinking about making the move and want to discuss the different areas and communities throughout New Hampshire, contact Verani Realty today! We’re happy to help you find the right home, in the right location, at the right price. You can start your New Hampshire real estate search by visiting Verani.com/new-hampshire-homes-for-sale.
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