1. Elderly Exemption

Read through Elderly Exemption (RSA 72:39-a).

Criteria


  1. Applicant must be 65 years old before April 1 of the tax year for which the application is being made.
  2. Income cannot exceed $36,800 per year. Income includes social security, retirement/pension payments, wages, dividend and interest income, support from others, and/or rental income. Not included are life insurance paid on the death of an insured; expenses and costs incurred in the course of conducting a business enterprise; and proceeds from the sale of assets. You may be asked to provide a copy of your Federal and State Income Tax returns.
  3. Net Assets (excluding the value of your actual residence) may not exceed $100,000. This includes:
    • Additional Real Estate, Including Rental Units Attached to Your Primary Residence
    • Bonds
    • Cars
    • CDs
    • Checking Accounts
    • Expensive Jewelry
    • IRAs
    • Savings
    • Stocks
    You can only exclude up to 2 acres, or the minimum zoning lot size for a residence in your zoning district. The remainder of the land is included in the $100,000 limit at the fair market value and not the assessed value. "Net assets" means the value of all assets, tangible and intangible, minus the value of any good faith encumbrances.
  4. You must have resided in the state for at least 3 years and owned your home individually or jointly on April 1st in the tax year for which you are applying. If the real estate is owned by your spouse, you must have been married for at least 5 years.

Filing Period


Applications for Exemption must be filed by April 15, and not afterwards, for the current tax year. The application is permanent as long as you own your home or until your financial circumstances change. The Board of Assessors may review your application during subsequent tax years to determine continuation of eligibility. You must notify the Assessing Staff if you no longer qualify because of changes in income or assets.


Exemption Monetary Amounts


Exemption Amounts: (Age as of April 1 of current tax year)
65 - 74 years of age: $45,000
75 - 79 years of age: $80,000
80+ years of age: $170,000

The amount of the exemption is subtracted from the total assessment before the tax rate is applied.