Local Option Elderly Exemption

New Hampshire

2020

Other Variation in Receipt of Benefits

Exemption

The benefit is an exemption, the amount of which is established by adopting cities and towns, but which is to be no less than $5,000. Adopting localities may establish benefits levels for age groups: (a) 65-74, (b) 75-79, and (c) 80 and older.

Exemption from assessed value

Residential

Only residential property is eligible for this program. Residence means the housing unit, and related structures such as an unattached garage or woodshed, which is the person's principal home. Residence shall exclude attached dwelling units and unattached structures used or intended for commercial or other nonresidential purposes.

Age

Homeowner

Income Ceiling

Principal Residence

Wealth Limit

Other Criteria

To qualify for this program, individuals must be: (a) aged 65 or older; (b) have resided in the state for at least 3 years; (c) own and occupy the residence for which the exemption is sought; and (d) have income and assets below locally established ceilings. Locally established income ceilings must be at least $13,400 for an individual and $20,400 for a married couple. Locally established asset limits must be at least $35,000 and such limits exclude the value of the residence and the land on which it is located (up to two acres or the minimum single family residential lot size). Residential real estate owned by the spouse of a person eligible for this program is eligible provided the couple has been married at least 5 years. The property can be either wholly owned or partially owned by the person eligible.

Local government must take action to opt in

Local option regarding program features

Local government covers all of its tax loss

State statutes do no provide for state funding for local tax loss.

NH103_RR20