B. Local Revenues From Development
A) Property Taxes
Local property taxes provide the bulk of municipal revenues for New Hampshire
communities. The 2021 Tax Rate for Nashua is $23.22; Figure Three outlines
the breakdown of the tax rate. For purposes of this Report, a local tax rate of
$22.02 will be used which excludes the County Tax Rate.
Figure Three
Tax Rate
State School,
$2.12
City, $9.32
School,
$10.58
Table Three outlines the anticipated municipal tax revenue that will be generated
by the proposed project. Reviewing local market conditions and assessments’
for newer apartment units in the City, we have estimated a conservative per unit
assessment of $100,000 which results in a total estimated project value of
$2,000,000, generating $44, 040 in annual property tax payments as detailed in
Table Three.
Table Three
Anticipated Property Tax Revenue
Per Unit Value # Units Value Local Tax Revenue
$100,000 20 $2,000,000 @$22.02/$1,000 = $44,040
The existing assessment of the subject site totals $505,900 and generates
$11,139 in property tax payments.
'62 Lake Street Avg. = $120,750, Riverfront avg. $117,874, Tara Heights avg. $128,848, Marshall St. avg. $101,089.
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