You Better Be Very Rich if You Want to Live in Portsmouth, NH

Portsmouth, New Hampshire homes were recently valued by the city assessor, and values jumped significantly.

The city assessor, Rosann Lentz told the city council as reported in Seacoast Online that the full revaluation, the first in five years, looked at the value of single-family homes, condos, two- and three-family homes, and mobile homes.

The new median price for a single-family home in Portsmouth, NH is now $762,600

At the beginning of 2024, that median price was $482,000. That is of course, before the revaluation. The city acknowledged that homeowners will see a 50%-60% increase in property values and that will be very shocking for most. They are still working on the full revaluation of all properties in the city, including commercial properties, downtown, and Pease International Tradeport.

It's not just Portsmouth, NH that is seeing a shocking revaluation.

According to Seacoast Online, property values are up across the board, not just in Portsmouth. The assessor, Rosann Lentz, said that many communities in the Seacoast area are seeing the same increases in property values. She said,

Portsmouth is not alone.

 

The new assessment means that Portsmouth, NH will see higher property taxes.

If you have a home in Portsmouth, you will be able to access a property tax calculator once the revaluation is complete. However commercial property did not increase as fast as residential property, so the burden shifts to residents. The goal of a revaluation isn't to increase everyone's value but to make sure that taxes are being fairly paid. The rule of thumb still applies that the closer to downtown or the water you are, the more valuable your property is.