Bill Text - HB569 (2005)

Allowing municipalities to adopt low and moderate income homeowner's property tax relief for local education property taxes.


Revision: Jan. 21, 2010, midnight

HB 569 – AS INTRODUCED

2005 SESSION

05-0799

09/10

HOUSE BILL 569

AN ACT allowing municipalities to adopt low and moderate income homeowner’s property tax relief for local education property taxes.

SPONSORS: Rep. Alger, Graf 6; Rep. Parkhurst, Ches 4

COMMITTEE: Municipal and County Government

ANALYSIS

This bill allows municipalities to adopt low and moderate income homeowner’s property tax relief for local education property taxes.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

05-0799

09/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Five

AN ACT allowing municipalities to adopt low and moderate income homeowner’s property tax relief for local education property taxes.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 New Section; Low and Moderate Income Homeowner’s Property Tax Relief; Municipal Option for Local Property Taxes. Amend RSA 198 by inserting after section 61 the following new section:

198:62 Municipal Option; Local Property Taxes. A town or city may vote to adopt or to rescind the provisions of RSA 198:56-61 to provide for low and moderate income homeowner’s property tax relief for local education property taxes, using the procedure provided for adoption and rescission of credits and exemptions under RSA 72:27-a. If a town or city votes to provide for low and moderate income homeowner’s property tax relief for local education property taxes under this section, all provisions of this subdivision shall apply except for RSA 198:57, IV, and all or a portion of an eligible tax relief claimant’s local education property taxes shall be rebated as follows:

I. Multiply the total local assessed value of the person’s property by the percentage of such property that qualifies as the person’s homestead;

II. Multiply $100,000 by the most current local equalization ratio as determined by the department of revenue administration;

III. Multiply the lesser of the amount determined in paragraph I or II by the current local education property tax rate as shown on the tax bill under RSA 76:11-a;

IV. Multiply the product of the calculation in subparagraph III by the following percentage as applicable to determine the amount of tax relief available to the person:

(a) If a single person and total household income is:

(1) less than $12,500, 100 percent;

(2) $12,500 but less than $15,000, 60 percent;

(3) $15,000 but less than $17,500, 40 percent; or

(4) $17,500 but less than or equal to $20,000, 20 percent.

(b) If a head of a New Hampshire household or a married person and total household income is:

(1) less than $25,000, 100 percent;

(2) $25,000 but less than $30,000, 60 percent;

(3) $30,000 but less than $35,000, 40 percent; or

(4) $35,000 but less than or equal to $40,000, 20 percent.

V. The amount determined by paragraph IV is the allowable tax relief in any year.

2 Effective Date. This act shall take effect April 1, 2005.

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