New Hampshire Recommended Spending Percentages
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FAQ
That year, New Hampshire received approximately $1.7 billion in federal aid, 28.0 percent of the state's general revenues.
As for the car property tax, New Hampshire has the 10th highest rate on a $25,000 Toyota Camry LE four-door sedan (the bestselling car of 2019), according to WalletHub. That would cost a car owner $449, a 1.8% property tax rate. A buyer in Virginia has the highest rate of a little more than 4%.
New Hampshire has no income tax on wages and salaries. However, there is a 5% tax on interest and dividends. The state also has no sales tax. Homeowners in New Hampshire pay some of the highest average effective property tax rates in the country.
Federal aid is also awarded from formula grants that incorporate population and poverty statistics. California receives the highest total amount of federal funding at $43.61 billion. California, however, only receives net federal funding of $12 per resident.
While New Hampshire's public schools spend about $17,000 per pupil on average, under its current funding formula, the state provides only about $3,800 per pupil in base adequacy aid (with somewhat higher amounts for students with greater needs).
The English colony The New Hampshire region was included in a series of grants made by the English crown to Capt. John Mason and others during the 1620s.
New Hampshire has a flat 5.00 percent individual income tax rate which is levied only on interest and dividends income. New Hampshire also has a 7.60 percent corporate income tax rate. New Hampshire does not have a state sales tax and does not levy local sales taxes.
Income Tax Range: New Hampshire doesn't have an income tax. However, currently there's a 5% tax on dividends and interest in excess of $2,400 for individuals ($4,800 for joint filers). The tax on dividends and interest is being phased out. The rate will be 4% for 2023, 3% for 2024, 2% for 2025, and 1% for 2026.
About 60 percent of all State and local taxes collected in New Hampshire are collected at the local level, rather than by the State. With property taxes being the paramount tax revenue source, local governments often rely on non-tax sources, such as fees, and grants from the State government.
Where Does The Money Go. Since the New Hampshire Liquor Commission was founded in 1934, more than $4 billion in net profits have been generated to support essential state services like education, health and social services, transportation, natural resource protection, addiction treatment and prevention programs.
