HB1199 (2008) Detail

Relative to the residency requirement for the elderly property tax exemption.


HB 1199 – AS INTRODUCED

2008 SESSION

08-2220

10/09

HOUSE BILL 1199

AN ACT relative to the residency requirement for the elderly property tax exemption.

SPONSORS: Rep. L. Ober, Hills 27

COMMITTEE: Municipal and County Government

ANALYSIS

This bill requires persons seeking an elderly exemption that is over 80 percent of their property’s assessed value to have resided in the home for at least 3 consecutive years.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

08-2220

10/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Eight

AN ACT relative to the residency requirement for the elderly property tax exemption.

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

1 Property Taxation; Conditions for the Elderly Exemption; Residency. Amend RSA 72:39-a, I(a) to read as follows:

(a) Has resided in this state for at least 3 consecutive years preceding April 1 in the year in which the exemption is claimed; and if applying for an exemption which is greater than 80┬ápercent of the property’s assessed value, has resided in the home for at least 3┬áconsecutive years.

2 Adoption of Elderly Exemption. Amend RSA 72:39-b, II to read as follows:

II. An elderly exemption, based on assessed value for qualified taxpayers, may be granted for a different dollar amount determined by the town or city, to a person 65 years of age up to 75 years, to a person 75 years of age up to 80 years, and to a person 80 years of age or older. To qualify, the person must have been a New Hampshire resident for at least 3 consecutive years, own the real estate individually or jointly, or if the real estate is owned by such person’s spouse, they must have been married to each other for at least 5 consecutive years. If applying for an exemption which is greater than 80 percent of the property’s assessed value, the applicant shall have resided in the home for at least 3 consecutive years. In addition, the taxpayer must have a net income in each applicable age group of not more than a dollar amount determined by the town or city of not less than $13,400 or, if married, a combined net income of not more than a dollar amount determined by the town or city of not less than $20,400; and own net assets not in excess of a dollar amount determined by the town or city of not less than $35,000 excluding the value of the person’s residence or, if married, combined net assets not in excess of a dollar amount determined by the town or city of not less than $35,000 excluding the value of the residence. Under no circumstances shall the amounts of the exemption for any age category be less than $5,000. The combined net asset amount for married persons shall apply to a surviving spouse until the sale or transfer of the property by the surviving spouse or until the remarriage of the surviving spouse.

3 Effective Date. This act shall take effect April 1, 2008.

Links

HB1199 at GenCourtMobile

Action Dates

Date Body Type

Bill Text Revisions

HB1199 Revision: 11401 Date: Jan. 1, 2008, midnight

Docket