Concord’s property tax rate rose 3.1% to $27.69 in 2024, while Penacook’s rate will be to $30.64, a heftier jump of 5.1%.

Both communities pay the city tax rate, this year $9.84, and the county tax rate, but each has its own local school tax rate and its own state education tax rate. 

Concord’s school rate went up 2.5% to $13.96 and Penacook’s rate as part of the Merrimack Valley School District jumped 6% to $16.87. 

Change in the tax rate, however, is not a direct translation of how much tax bills go up or down: The rate is per $1,000 of assessed value of the property, so owners pay more as values go up.

For example, a Concord home valued at $350,000 in 2023 would have paid about $9,400 in taxes. If their assessed property value didn’t change, the bill this year would increase by about $300. But, if their assessed value rose to $375,000, their bill this year would be around $10,400. If their assessed value went down to $325,000, the bill this year would be just under $9,000.

In Concord, the median home sale price in September was $439,950, down slightly from 2023 — though there can be a lag between changes in the market and their impact on home assessments. The city is currently doing a citywide revaluation that will take effect in the 2026 tax year. 

Local property tax rates are calculated by the state Department of Revenue Administration, but local governments typically project what they expect the impact on their tax rate to be when they set their local budgets. Tax bills will be mailed out by Dec. 3 and payments are due by Jan. 2. 

Catherine McLaughlin can be reached at cmclaughlin@cmonitor.com