SB483: relative to the property tax exemption for educational organizations.

SB 483 - AS INTRODUCED

2020 SESSION

20-2859

05/04

SENATE BILL 483

AN ACT relative to the property tax exemption for educational organizations.

SPONSORS: Sen. Gray, Dist 6; Sen. Ward, Dist 8; Sen. Watters, Dist 4; Sen. Fuller Clark, Dist 21; Sen. Carson, Dist 14; Sen. Reagan, Dist 17; Sen. Giuda, Dist 2; Sen. Feltes, Dist 15; Sen. Kahn, Dist 10; Sen. Bradley, Dist 3

COMMITTEE: Election Law and Municipal Affairs

ANALYSIS

This bill requires educational organizations to file an annual statement of financial condition with the board of tax and land appeals regarding tax exemption status. The bill also directs local assessors to complete a revised inventory with annual adjustments to assessments in accordance with rules of the assessing standards board. The revised inventory is currently completed in accordance with state assessing guidelines.

The bill is a request of the assessing standards board.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

20-2859

05/04

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twenty

AN ACT relative to the property tax exemption for educational organizations.

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

1 Property Taxes; Real Estate and Personal Property Tax Exemption; Statements of Financial Condition. Amend RSA 72:23, VI to read as follows:

VI. Every charitable organization, educational organization, or society, except those religious [and educational] organizations [and societies] whose real estate is exempt under the provisions of paragraphs III [and IV], shall annually before June 1 file with the municipality in which the property is located upon a form prescribed and provided by the board of tax and land appeals a statement of its financial condition for the preceding fiscal year and such other information as may be necessary to establish its status and eligibility for tax exemption.

2 Appraisal of Taxable Property; Revised Inventory; Rules of the Assessing Standards Board. Amend RSA 75:8, I to read as follows:

I. Annually, and in accordance with [state assessing guidelines] rules adopted by the assessing standards board, the assessors and selectmen shall adjust assessments to reflect changes so that all assessments are reasonably proportional within that municipality. All adjusted assessments shall be included in the inventory of that municipality and shall be sworn to in accordance with RSA 75:7.

3 Effective Date. This act shall take effect 60 days after its passage.