There are quite a few taxes that come up in the field of estate planning: Estate Tax, Gift Tax, Inheritance Tax, Income Tax, Capital Gains Tax, and Generation-skipping Transfer Tax to name a few. Don’t understand these taxes and how they fit into your estate plan? Don’t worry, we do. We will discuss Estate Tax, Gift Tax, and Capital Gains … Read the rest
An Introduction to New Hampshire State and Local Taxes
In addition to federal taxes, states impose additional state and local taxes (SALT). Since New Hampshire does not have traditional income or sales taxes, it uses SALT to generate revenue. Locally, New Hampshire taxes property and real estate, whereas on the state level, goods and services may be taxed (this includes things such as business income and sales and use).… Read the rest
Have a Revocable Trust? Real Estate is Exempt from the Real Estate Transfer Tax in New Hampshire
In the state of New Hampshire, both the buyer and seller pay Real Estate Transfer Tax, or RETT. This transfer tax is required for most typical transactions when the ownership of a property is transferred to the new owner. The current tax amount is $0.75 for every $100 of the sale price of the property. Both the buyer and the … Read the rest
When applying for a tax abatement in New Hampshire, who must sign the application for an abatement?
In a recent decision, the New Hampshire Supreme Court answered that question: The taxpayer. Not their lawyer. Not their agent. Not their best friend. No signature but the taxpayer’s will suffice.
In Appeal of Keith R. Mader 2000 Revocable Trust (No. 2020-0538), the taxpayers submitted an abatement application signed by their attorney, not by the taxpayers themselves. The Board of … Read the rest
Sales Tax for Internet Purchases and Sales by New Hampshire Residents and Businesses
New Hampshire is one of the few states that does not have a general sales tax. It is one of the many “New Hampshire Advantages” you will see when you live in this beautiful area of the country. Collecting sales tax on internet sales has been a major issue for years. And the insistence of collecting that sales tax only … Read the rest
State and Local Taxes in New Hampshire
State and local taxes (or SALT) are taxes charged in addition to any federal taxes. Many states and localities charge these taxes. Most states choose to use income and sales tax, as well as property and real estate taxes for their state and local taxes. However, in the state of New Hampshire, property and real estate taxes cover the local … Read the rest
Research and Development Tax Credit in New Hampshire
As a business in New Hampshire, if you have qualifying research and manufacturing expenditures, you are allowed to file for the New Hampshire Research and Development Tax Credit. The credit you receive will be based upon the amount you paid people in your company, as they worked on “discovering information which constitutes qualified research and development of a new or … Read the rest
How to Read a Property Tax Card
Have you ever checked out your property tax card for any land you currently own? Every parcel of land in New Hampshire has one of these cards. Or at least they used to. The form of the tax card has changed over the years, thanks to technology.
Years ago, you could head to the Assessor’s Office in your town or … Read the rest
NH Supreme Court Upholds Commercial Property Tax Abatement Denial
The New Hampshire Supreme Court has upheld a denial of tax abatement for a commercial property in Dover.
I) Background on Tax Abatement in New Hampshire
Municipal ad-valorem property taxes are based on the fair market value of the subject property. If a city values the property for more than it is actually worth, the property owner ends up … Read the rest
March 1 is the Deadline to Request a Refund of New Hampshire Property Taxes
March 1, 2021 is the deadline to challenge your 2020 real estate taxes.
Please keep in mind the deadline to challenge your 2020 real estate taxes is March 1, 2021. Your request for a refund must be postmarked by this date and addressed to the municipality in order for the municipality to grant you a refund. You can obtain a … Read the rest