This is a file image of some of Hampton’s proud veterans, not necessarily connected with the topic of the Article.
Shall the Town of Hampton vote to increase the amount of the property tax credit for the veterans’ permanent service-connected disability previously adopted by the Town in 1991 from $2,000 to $4,000 in accordance with the authority provided by Chapter 105 of the Laws of 2018? (Majority vote required)
What it Means: The Town currently offers a $1,400* (not $2,000 as stated in the warrant article) property tax credit for veterans who have total and permanent service-connected disabilities (RSA 72:35).
A “yes” vote would increase the credit to $4,000 (from $1,400), in the tax year beginning April 1st. The optional veterans’ tax credit would be subtracted each year from the property tax on the veteran’s residential property. A surviving spouse of a resident who suffered a service-connected death may have the amount subtracted from the property tax on any real property in the same municipality where the surviving spouse is a resident
According to the Town Assessor, 33 Hampton veterans received this credit in 2018 totaling approximately $46,200 to those veterans who applied for it. If the proposed increase passes, the cost would increase to approximately $132,000 if all 33 veterans applied for the credit, representing foregone tax revenue of $85,800.
Those in favor say: The credit was adopted in 1991 and hasn’t been increased since. Those in favor would like to continue the Town’s support for our veterans, and do not want to see longtime residents move due to property tax costs.
Those opposed say: Residents will need to consider their tax rate impacts and understand that budgets may need to be trimmed in other areas to account for the increased expense to help support veterans.
Fiscal impact: There is no direct “cost” so the Article reads “no tax impact”. However, there will be less revenue collected at an estimated amount of $85,800 if this Article passes. That will increase taxes for the average Hampton home valued at $405,000 by $10.35. (Take your property value divided by 1000 and multiply by .026 to get your specific tax impact.) That cost will remain for future tax years.