Note: All errors are my own. Many thanks to all the people who are helping me to learn about this complicated and important topic.

To start, the phrases “It is confusing” and “It depends” are used a lot when discussing this issue.

1. NH’s primary source of revenue is from taxes on property. Many other states use taxes on sales, income, and property. This means that we have high property taxes when compared to other states.It also means that rising property valuations and assessments can have a surprisingly large impact on people, particularly those with lower or fixed incomes.
2. Very thorough property assessments in NH are performed every five years. A less thorough assessment is produced the other four years using statistical methods. Also, the town assessor can recommend an assessment more often than the state required every five years.The assessments that we just received are the five-year assessments. The increase in assessed value covers five years, not one year. So the 140% increase in assessed value of manufactured homes means that the value of the average (mean? median?) manufactured home increased by 140% over five years.
3. The New Hampshire Department of Revenue Association sets the tax rate for each town. It is dependent on numerous items including the county tax apportionment (depending on town valuation), school local budget levy, state education tax (based on the adequacy calculation for your community) and your towns tax levy (budget minus other sources of revenue, including state revenue). There is a very long document published by the State that provides details on every part of this process.
4. If the assessed value of your home increases significantly, the property tax for your town will likely decrease. But, the amount of property tax you pay will probably go up when compared to the previous year. That said, a large increase in assessed value does not necessarily translate to a large increase in the amount of property tax you will pay. Why? The State tries to set tax rates that match tax revenues to town budgets.In very simple terms:
   

   Town budget = property tax rate × total assessed property values

   If:

   Total assessed property values for the town increase
   And
   The town budget does not change

   Then:

   The town’s tax rate should stay the same
   Everyone will pay the same amount of property tax as the previous year

   But:

   Town budgets generally increase year over year.
   And
   Assessed property values do not increase at the same rate across all types of property

   This means:

   1. Owners of different types of properties will see different impacts on the amount they pay
   2. Comparing one town’s tax rate to another town’s isn’t quite an apples to apples comparison
   3. Paying attention to what your town spends money on is important, and voting is important
5. Language matters, a LOT.Properly using the terms “appraised value”, “assessed value”, and “estimated value” in discussions is important.
   • Assessed value: Tax bills are based on the assessed value, determined by the town board of assessors or equivalent. This is generally the most accurate measure of your property’s value but it can still be inaccurate.
   • Appraised value: Provided for a property by a professional appraiser, and is the most accurate reflection of the maximum price for which a property could be sold. That’s what you’ll use when you get a mortgage.
   • Estimated value: A calculation made based on someone’s idea of “comparable” sales in the area. That’s what you find on Zillow, and it’s someone’s SWAG (scientific wild-ass guess) based on their own formula.

   Estimated values are the least accurate and will vary widely depending on whose estimate you use, when they are calculated, the accuracy of the inputs (number of bedrooms, for example), and comparables (i.e., what homes are considered to be similar to yours).

6. The town cannot raise or lower the property taxes for one type of property. Property taxes are based on the town’s property tax rate (set by the State) and the assessed value of the property. The tax rate applies to everyone equally, and the assessed value of the property is determined by a formal assessment process. The town can offer tax incentives and tax relief to certain types of properties in certain areas. Exeter’s tax relief programs can be found here: Exeter Economic Development Initiatives.

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