Shall the Town modify the Elderly exemptions for property tax in the Town of Hampton, pursuant to N.H. RSA 72:27-a, based on assessed value, for qualified taxpayers, to be as follows: for a person 65 years of age up to 75 years increase to $140,000 (currently $125,000); for person 75 years of age up to 80 years increase to $168,000 (currently $160,000); for a person 80 years of age or older increase to $221,000 (currently $200,000). To qualify the person must have been a New Hampshire resident for at least three (3) consecutive years preceding April 1st, must own the real estate individually, or jointly, or if the real estate is owned by his or her spouse, they must have beenmarried and living together for at least five (5) years, in addition, the taxpayers must have a netincome of not more than $38,000 if single, or if married, a combined net income of less than$58,000, and own net assets not in excess of $250,000 excluding the value of the person’s primaryresidence? (Majority vote required)
The purpose of this article is to modify the exemption for the elderly due to the recent revaluation of the Town in order for the exemption to keep pace with inflation and the general increase in property values so as to leave no elderly persons behind because of these value changes.
What it means: There are currently in place real estate tax exemptions for elderly homeowners who meet certain criteria. This Article proposes to increase the assessed values used to base the Elderly property tax exemptions.
Those in favor say: The intention is to keep the exemptions in line with the increasing property valuations so that the qualifying elderly are not taxed out of the Town.
Those opposed say: No one spoke against this Article at Deliberative Session.
Fiscal impact: No direct tax impact.