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1 New Section; Assessment of Taxes; State Reimbursement of Property Tax Credits and Exemptions. Amend RSA 76 by inserting after section 15-c the following new section:
76:15-d State Reimbursement of Property Tax Credits and Exemptions.
I. Each municipality shall determine the total amount of property tax credits granted in the property tax year. The municipality also shall determine the value of all property tax exemptions granted by multiplying the applicable tax rate by the total of such exemption amounts. The value for exemptions shall be added to the value of all property tax credits granted. This total amount shall be reported to the department of revenue administration in such form as the department may prescribe.
II. Based on the data submitted, the department shall determine the total value of all property tax exemptions and credits granted by municipalities in the prior calendar year and report such amount to the fiscal committee of the general court. The amount sufficient to reimburse each town and city shall be appropriated to the department of revenue administration in each fiscal year.
III. Each municipality shall apply to the department for a reimbursement grant in the amount of all property tax exemptions and credits granted. The department shall reimburse the towns and cities with sums appropriated. The municipality shall use any funds received as a credit against the amount to be raised from taxes in the following year.
2 Effective Date. This act shall take effect April 1, 2019.
Text to be added highlighted in green.
1 New Section; Assessment of Taxes; State Reimbursement of Property Tax Credits and Exemptions. Amend RSA 76 by inserting after section 15-c the following new section:
76:15-d State Reimbursement of Property Tax Credits and Exemptions.
I. Each municipality shall determine the total amount of property tax credits granted in the property tax year. The municipality also shall determine the value of all property tax exemptions granted by multiplying the applicable tax rate by the total of such exemption amounts. The value for exemptions shall be added to the value of all property tax credits granted. This total amount shall be reported to the department of revenue administration in such form as the department may prescribe.
II. Based on the data submitted, the department shall determine the total value of all property tax exemptions and credits granted by municipalities in the prior calendar year and report such amount to the fiscal committee of the general court. The amount sufficient to reimburse each town and city shall be appropriated to the department of revenue administration in each fiscal year.
III. Each municipality shall apply to the department for a reimbursement grant in the amount of all property tax exemptions and credits granted. The department shall reimburse the towns and cities with sums appropriated. The municipality shall use any funds received as a credit against the amount to be raised from taxes in the following year.
2 Effective Date. This act shall take effect April 1, 2019.