One of the main complaints across New Hampshire is that property taxes have historically been very high. This is because New Hampshire does not receive taxes from sales tax. Now, with everything in life, this creates a double-edged sword effect. Not having sales tax decreases tax revenue, which means the New Hampshire government would need to supplement some other place. The benefit of having no sales tax is that it brings business to the state. Maine and Massachusetts residents will come to New Hampshire to specifically shop, bringing in revenue and traction to local businesses and restaurants. People from Canada will bus down all year long to get the low costs New Hampshire has to offer.
Sununu’s new state budget has allowed $400 million to help with property taxes. So essentially, now New Hampshire is going to benefit from both avenues, no taxes on standard goods, and lower property taxes. All that needs to be done now is that the local town and city governments need to follow along and use that funding to lower their local taxes, in turn making New Hampshire residents happier and putting more money into their pockets allowing our economy to flourish.
