SB323: relative to the age groups under the elderly property tax exemption.

SB 323-LOCAL - AS INTRODUCED

2004 SESSION

04-3018

10/01

SENATE BILL 323-LOCAL

AN ACT relative to the age groups under the elderly property tax exemption.

SPONSORS: Sen. Barnes, Dist 17; Rep. Flanagan, Rock 78

COMMITTEE: Ways and Means

ANALYSIS

This bill changes the age groups in the local option of a property tax exemption for the elderly.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

04-3018

10/01

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Four

AN ACT relative to the age groups under the elderly property tax exemption.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Procedure for Adoption and Modification of Elderly Exemption; Age Groups. Amend RSA 72:39-b, II to read as follows:

II. An elderly exemption, based on assessed value for qualified taxpayers, shall be granted for a different dollar amount determined by the town or city, to a person 65 years of age up to [75] 70 years, to a person [75] 70 years of age up to [80] 75 years, and to a person [80] 75 years of age or older. To qualify, the person must have been a New Hampshire resident for at least 5 consecutive years, own the real estate individually or jointly, or if the real estate is owned by such person's spouse, they must have been married to each other for at least 5 consecutive years. In addition, the taxpayer must have a net income in each applicable age group of not more than a dollar amount determined by the town or city of not less than $13,400 or, if married, a combined net income of not more than a dollar amount determined by the town or city of not less than $20,400; and own net assets not in excess of a dollar amount determined by the town or city of not less than $35,000 excluding the value of the person's residence or, if married, combined net assets not in excess of a dollar amount determined by the town or city of not less than $35,000 excluding the value of the residence. Under no circumstances shall the amounts of the exemption for any age category be less than $5,000. The combined net asset amount for married persons shall apply to a surviving spouse until the sale or transfer of the property by the surviving spouse or until the remarriage of the surviving spouse.

2 Effective Date. This act shall take effect April 1, 2004.