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New Hampshire depends more upon real property taxes for revenue than most states, for there are no general income, sales or use taxes. The State also receives substantial revenue from taxes on motor fuels, tobacco products, and alcoholic beverages sold through the State Liquor Commission stores and pari-mutuel betting.
New Hampshire Department of Revenue
Overview of New Hampshire Taxes
Business Taxes:
The State of New Hampshire has no tax on inventory, work in process and process machinery. All businesses, except some Sec. 501 federally exempt organizations, operating in the State of New Hampshire with gross receipts in excess of $50,000 are required to file a Business Profits Tax (BPT) return with the State. The BPT rate is 8.5% effective 7/1/01. Quarterly estimated tax payments are required.
The Business Enterprise Tax (RSA 77-E) is .75% of the enterprise value tax base, which is the sum of all compensation paid or accrued, interest paid or accrued, and dividends paid by the business enterprise after special adjustments and apportionment (effective 7/1/01). All businesses, except Sec. 501 (c) (3) federally exempt organizations, operating in the State of New Hampshire with gross receipts in excess of $150,000 or enterprise value tax base of $75,000 or more are required to file a Business Enterprise tax return. Filing due dates are the same as BPT returns and the tax is due when filed. Quarterly estimated tax payments are required for all taxable periods ending after December 31,1996. More detailed information is available through the New Hampshire Department of Revenue Administration's website located at http://www.revenue.nh.gov/ or by calling (603) 271-2191.
No Income Tax:
New Hampshire has no income tax on salaries and wages of its residents. It does,
however, have a tax upon interest and dividends received by individuals, trusts,
estates, partnerships, limited liability companies and fiduciaries and partners
in excess of $2,400 per year /$4,800 if filing jointly. The rate is 5%. The tax
is collected by the Department of Revenue Administration, (now part of the RSA
31-a distributions.) More detailed information is available through the
New Hampshire Department of Revenue Administration's website located at
http://www.revenue.nh.gov/
or by calling (603) 271-2191.
No Sales Tax:
The State of New Hampshire does not have a general State Sales Tax. It
does, however, have a number of excise taxes such as, but not limited to,
Electricity Consumption Tax, Communications Services Tax, Meals, Rooms, Motor
Vehicle Rentals Taxes, Tobacco Tax, and Real Estate Transfer Tax.
Inheritance Tax:
Inheritances passing to the spouse, descendant, or ascendant are not subject to
taxes in New Hampshire. Exceptions apply also to charitable organizations. Other
bequests are taxable at the 18% rate. The legacies and succession
inheritance tax was repealed in 2002 for deaths occurring on or after January 1,
2003.
Tax Licenses:
Tax licenses and fees include motor vehicle rentals and meals and rentals
operator's licenses, tobacco tax licenses, and Communications Services Tax
Registration.
There are a wide variety of other NH registration requirements, other than tax licensing, including corporation registration requirements and annual return fees, as required by the NH Secretary of State's Office, Corporate Division. Requests for information on NH licensing, other than tax licensing, should be directed as follows: Business licensing questions should be directed to the NH Secretary of State's Office, Occupational Licensing inquiries to the NH Department of Health and Human Services, and Recreational Licensing inquiries, such as fishing, hunting, etc. should be directed to the NH Fish & Game Department or you may call (603) 271-1110, for further assistance.
Real Estate Property Taxes:
All taxable real property is appraised at its current fair market value or an
equalized percentage thereof, as of April 1st each year. There is no property
tax on machinery, equipment, furniture, fixtures, or inventories. The Concord
tax rate for 2010 is $23.16 per thousand dollars of assessed value, and equalized
assessed value is 99.7% of current market value
(as of April 1, 2010).
For further information,
visit the
Assessing
Department web page, or contact the City of Concord Assessor's
Office at (603) 225-8550.
Low & Moderate Income Homeowner's Property Tax Relief:
Some residents may be eligible for relief on the state education tax portion of their property tax bill under this new program that runs annually from May 1st to June 30th.
For more information on this program, or any tax that the NH Department of Revenue Administration collects or assesses, visit their web site at www.revenue.nh.gov or call (603) 271-2191.
Resident Tax:
New Hampshire has a $10.00 "Resident Tax" on all persons between 18
and 60 years of age, except on widows of veterans and other special exceptions.
Concord has an ordinance eliminating this tax for residents of Concord, N.H.