For the full wording of the Article, see this link: Link to the Warrant as Amended following Deliberative Session
What it Means: Last year, the Elderly Tax Exemption was expanded as it relates to both the exempted amount (amount deducted from the assessed valuation prior to calculating taxes owed) and qualifying net income. However, the net asset limit remained at $250,000. The petitioners are asking that the net asset limit be increased to $367,000. Note that this asset value excludes the primary residence (which by state regulations must be in Hampton).
Those in Favor Say: This Article is intended to allow additional seniors to take advantage of the exemption.
Those Opposed Say: No one spoke against the Article, except to question where the numbers came from (last year’s Town Meeting) or whether the Article should be written as “gross” or “net”.
Fiscal impact: There is no direct tax impact, but to the degree that this Article, if approved, reduces the tax revenue, it will mean that other (mostly younger) taxpayers will pick up the difference.