Shall we 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, $125,000 [currently $120,000]; for a person 75 years of age up to 80 years, $160,000 [currently $150,000]; for a person 80 years of age or older $200,000 [currently $178,000]. To qualify, the person must have been a New Hampshire resident for at least three (3) consecutive years preceding April 1st, own the real estate individually or jointly, or if the real estate is owned by such person’s spouse, they must have been married for at least five (5) years, in addition, the taxpayer must have a net income of not more than $38,000 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 primary residence? (Majority vote required)
What it means: The intent is for no elderly person who previously qualified for the elderly property tax exemption to be disqualified because of the increases in home valuations.
No one spoke in favor or against this Article at Deliberative Session.
Fiscal Impact: No tax impact.