Annual report of the Town of Hampton, New Hampshire

TOWN OF HAMPTON, NEW HAMPSHIRE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
C. Property Taxes
The property tax year is from April 1 to March 31 and all property taxes are assessed on the
inventory taken in April of that year. The net assessed valuation as of April 1, 1998, upon which
the 1998 property tax levy was based was $1,210,766,400.
The Town subscribes to the semi-annual method of tax collection as provided for by RSA 76:15-a.
Under this method, tax bills are sent on or around June 1 and November 1 of each year, with
interest accruing at a rate of 12% on bills outstanding for more than 30 days.
The June 1 billing is considered an estimate only and is one half of the previous year's tax billing.
The remaining balance of taxes due is billed in the fall after the State Department of Revenue
Administration has calculated and approved the Town's tax rate for the fiscal year.
In connection with the setting of the tax rate, Town Officials, with the approval of the New
Hampshire Department of Revenue Administration, establish and raise through taxation an amount
for abatements and refunds of property and resident taxes, known as overlay. This amount is
reported as a reduction in tax revenue and is adjusted by management for any tax reserves at year
end. The property taxes collected by the Town include taxes levied for the Hampton and
Winnacunnet Cooperative School Districts, Rockingham County and Hampton Beach Village
District, which are remitted to these governmental units as required by law. The ultimate
responsibility for the collection of taxes rests with the Town.
As prescribed by law, within 18 months of the date assessed, the Tax Collector places a lien on
properties for all uncollected property taxes. The lien on these properties has priority over other
liens and accrues interest at 18% per annum. If property is not redeemed within the 2-year
redemption period, the property is tax-deeded to the Town.
During the current fiscal year, the Tax Collector on August 25 placed a lien for all uncollected 1997
property taxes.
Taxes receivable at December 31,
1998, are as follows:
Property Taxes
Levy of 1998 $1,478,342
Unredeemed Taxes ("under tax lien)
Levy of 1997 325,129
Levy of 1996 163,289
Levy of 1995 1,585
Yield Taxes 79
Less: Reserve for estimated uncollectible taxes (245.074 ')
Total Taxes Receivable $ 1.723.350
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