Alton new tax assessments in

[Steveo]

Just received the my new Alton tax assessments. Mine went up 65%. Haven't seen what the new tax rate will be but have to assume it will be same so tax will go up 65% too. All this does is force the average person, particularly the elderly, out of their homes they have owed for generation (personally 38 years) and then having just the rich that can afford the lake. Also when you sell your home you get hit by huge capital gains tax on top of losing your home - a lose-lose.

[smith point boater]

You just ruined my day!! Don't want to get the mail now!!

Hopefully the tax rate will drop but there will still be a net increase in the tax paid

[John Mercier]

Originally Posted by Steveo

Just received the my new Alton tax assessments. Mine went up 65%. Haven't seen what the new tax rate will be but have to assume it will be same so tax will go up 65% too. All this does is force the average person, particularly the elderly, out of their homes they have owed for generation (personally 38 years) and then having just the rich that can afford the lake. Also when you sell your home you get hit by huge capital gains tax on top of losing your home - a lose-lose.

Did the town or school budget increase?
I believe that the county did.

[Little Bear]

Flood them with abatements and, when rejected, flood them with lawsuits in Superior Court.

[P-3 Guy]

Originally Posted by Steveo

Also when you sell your home you get hit by huge capital gains tax on top of losing your home - a lose-lose.

If and when you sell, and if you meet the primary residence requirements, you can exclude up to $250k (if filing single) or $500k (married filing joint return) of profit from capital gains taxation. And for any profit from a qualifying primary home sale that does get taxed as a capital gain, the tax rate maxes out at 20% and could be as low as 0%- certainly better than being taxed as ordinary income. Yeah, having to sell your home because you can't afford the property tax bill sucks, but if your profit is so large that paying capital gains tax is in the mix, some might see that as a positive.

[Slickcraft]

The tax rate (with some minor adjustments) is the total amount to be collected by taxes divided by the net valuation.

The amount to be collected is the sum of town plus school budgets (approved by the voters) plus the town’s share of the county budget.

The net valuation is sum of all property assessments.

If your assessment increase % is the same as the overall net valuation % increase, then any increase in actual tax would be due only to an increase in voter approved budgets.

In a revaluation some classes of property increase more than others.

Alan

[FlyingScot]

Originally Posted by Steveo

Just received the my new Alton tax assessments. Mine went up 65%. Haven't seen what the new tax rate will be but have to assume it will be same so tax will go up 65% too. All this does is force the average person, particularly the elderly, out of their homes they have owed for generation (personally 38 years) and then having just the rich that can afford the lake. Also when you sell your home you get hit by huge capital gains tax on top of losing your home - a lose-lose.

Ouch! But it seems impossible for a given house to have increased by 65% in a year without some sort of special circumstance. Is there information you've left out of your post?

[tis]

Let us know when you get your rate. Usually they go down accordingly but ours didn't this past year after a big rise in valuation. The town had no answer, as there was no big rise in spending.

[rsmlp]

My assesment has doubled in the past few years but my tax due hasn't gone up that much. Tax rate drops commensurately. Chill.

[tis]

Originally Posted by rsmlp

My assesment has doubled in the past few years but my tax due hasn't gone up that much. Tax rate drops commensurately. Chill.

That's what has always happened to us in the past, but not this time.

[Steveo]

Originally Posted by FlyingScot

Ouch! But it seems impossible for a given house to have increased by 65% in a year without some sort of special circumstance. Is there information you've left out of your post?

No, This is a assessment that is done every 5 years so its over that period.

[Steveo]

Originally Posted by P-3 Guy

If and when you sell, and if you meet the primary residence requirements, you can exclude up to $250k (if filing single) or $500k (married filing joint return) of profit from capital gains taxation. And for any profit from a qualifying primary home sale that does get taxed as a capital gain, the tax rate maxes out at 20% and could be as low as 0%- certainly better than being taxed as ordinary income. Yeah, having to sell your home because you can't afford the property tax bill sucks, but if your profit is so large that paying capital gains tax is in the mix, some might see that as a positive.

This is a non-primary house so it doesn't get any of the benefits you are talking about except 20% rate cap

[FlyingScot]

Originally Posted by Steveo

No, This is a assessment that is done every 5 years so its over that period.

Ah, thanks. Easy to understand that if previous assessment was off of pre-covid market.

[ITD]

Yeah, if your house went up 65% and average increase is say 5%, you are in for a shock, but if the town wide assessments went up 65%, your taxes shouldn't increase, at least because of your assessment. Town meeting and state entities vote to raise taxes, that's how they rise.

The only time your assessment will raise your taxes is if your property appreciates faster than the town average increase.

[rsmlp]

Originally Posted by ITD

Yeah, if your house went up 65% and average increase is say 5%, you are in for a shock, but if the town wide assessments went up 65%, your taxes shouldn't increase, at least because of your assessment. Town meeting and state entities vote to raise taxes, that's how they rise.

The only time your assessment will raise your taxes is if your property appreciates faster than the town average increase.

Yeah, I'd be surprised (and not a little bit pissed off) is your tax bill increases by more than 5%.

[BroadHopper]

Originally Posted by P-3 Guy

If and when you sell, and if you meet the primary residence requirements, you can exclude up to $250k (if filing single) or $500k (married filing joint return) of profit from capital gains taxation. And for any profit from a qualifying primary home sale that does get taxed as a capital gain, the tax rate maxes out at 20% and could be as low as 0%- certainly better than being taxed as ordinary income. Yeah, having to sell your home because you can't afford the property tax bill sucks, but if your profit is so large that paying capital gains tax is in the mix, some might see that as a positive.

The 250/500k threshold is way outdated it should be adjusted for market prices or inflation.

[tbonies]

Originally Posted by BroadHopper

The 250/500k threshold is way outdated it should be adjusted for market prices or inflation.

Sure. We are $40T in debt and we should expand our tax deductions. Makes sense to me.

[Ben's Grampa]

Originally Posted by tbonies

Sure. We are $40T in debt and we should expand our tax deductions. Makes sense to me.

The Debt is due to poor management of the country's finances. Unfortunately it doesn't really matter what the tax revenue is, the politicians will spend what they want, they don't care about Govt. waste or balanced budgets.

[bbatch]

How does the new assessment compare to what you'd expect to sell your house and property for, if you put them on the market today? My bet is that the new assessment is still lower. In other words; a fair assessment.

As others have pointed out, the property tax you'll actually pay next year is based on two components; the assessment and the tax rate. The new assessment is just the town trying to catch up with the skyrocketing real estate market. If the tax rate doesn't drop (almost) proportionate to the rise in assessment, then you'll have a complaint.

All in all, I'd say the town of Alton does a good job managing its budget. Compare your property taxes to some of the other towns in the Lakes Region. Praise be to all that shore-front property and their million-dollar homes!

[smith point boater]

Finally got our assessment - up 69.2%. Be interesting to see the new rate

[jeffk]

Originally Posted by tis

Let us know when you get your rate. Usually they go down accordingly but ours didn't this past year after a big rise in valuation. The town had no answer, as there was no big rise in spending.

What happened to rates this past year hasn't been impacted by the rising valuations yet.

If the new valuations are just coming out, they won't be reflected in the tax rate, which is set in November, and determines the end of year property tax bill.

Generally, lake front property value rises at a faster rate than inland property and their taxes go up, proportionately, more. As does their value.

[tis]

Originally Posted by jeffk

What happened to rates this past year hasn't been impacted by the rising valuations yet.

If the new valuations are just coming out, they won't be reflected in the tax rate, which is set in November, and determines the end of year property tax bill.

Generally, lake front property value rises at a faster rate than inland property and their taxes go up, proportionately, more. As does their value.

Yes, the assessment in our town was done in '25 and our rates came out in Nov of 25. I know what things are going for on the lake and I can't argue with the assessments, BUT with that much more in assessments the rate should have gone done accordingly. A group of us lake home owners went to the town but they didn't have any answers for us.

[jeffk]

Originally Posted by tis

Yes, the assessment in our town was done in '25 and our rates came out in Nov of 25. I know what things are going for on the lake and I can't argue with the assessments, BUT with that much more in assessments the rate should have gone done accordingly. A group of us lake home owners went to the town but they didn't have any answers for us.

Sorry, I assumed you were in Alton Bay since that's where the thread started. Different towns do assessments in different years.

It's frustrating that some towns can't clearly explain why their taxes work the way they do. It shouldn't be that hard given the base numbers which are readily accessible. Citizens get really frustrated when their taxes go up and the town can't explain it.

[tis]

Originally Posted by jeffk

Sorry, I assumed you were in Alton Bay since that's where the thread started. Different towns do assessments in different years.

It's frustrating that some towns can't clearly explain why their taxes work the way they do. It shouldn't be that hard given the base numbers which are readily accessible. Citizens get really frustrated when their taxes go up and the town can't explain it.

I agree. If they could have said our town expenses went up by that much or had some explanation, we would have felt better.

[phoenix]

any news on when Moultonborough will set its tax rate ?

[tis]

Most of them come out in November. The state actually sets the rate. The town sends their info in and the state says what the rate is going to be.

[Slickcraft]

A state DRA agent will meet with the town administrator or one of the selectmen. Factors include approved budgets, funds taken from capital reserves, other income such as grants, motor vehicle local tax and overlay (hedge against abatements and unpayed tax). DRA then divides the total amount to be collected by the total valuation to get the tax rate.

Alan

[Steveo]

I just talked to assessment company in Alton. He didn't give me the exact rate because they have to wait until all the reevaluations are done. But he said it will go down and looks like it will only raise my taxes but 10%, which I don't have a problem with.

[FlyingScot]

Originally Posted by Steveo

I just talked to assessment company in Alton. He didn't give me the exact rate because they have to wait until all the reevaluations are done. But he said it will go down and looks like it will only raise my taxes but 10%, which I don't have a problem with.

10% over 5 years? Less than 2%/year--you're golden!

[John Mercier]

The actual tax increase would be a year-over-year.

The assessment increase of 65% would be over a five year period.

[smith point boater]

The town budget didn't go up 10%

[VitaBene]

Originally Posted by Steveo

Just received the my new Alton tax assessments. Mine went up 65%. Haven't seen what the new tax rate will be but have to assume it will be same so tax will go up 65% too. All this does is force the average person, particularly the elderly, out of their homes they have owed for generation (personally 38 years) and then having just the rich that can afford the lake. Also when you sell your home you get hit by huge capital gains tax on top of losing your home - a lose-lose.

Why would you assume a 65% increase? The rate will go down.