Bill > HB694

This bill requires state agencies in New Hampshire to renew leases for land, buildings, or space at fair market rates when those leases are up for renewal. Specifically, the legislation mandates that unless the property owner agrees otherwise, any lease renewal must be at a rate that reflects the current market value for similar properties. The bill includes an important exception: if the original lease was obtained through a competitive selection or bidding process, this new fair market value requirement does not apply. The term "fair market rate" generally means the price that a property would sell or rent for in an open market with willing buyers and sellers. The bill will take effect 60 days after its passage, and according to the fiscal note, it is expected to have a minimal financial impact of less than $10,000 annually over the next few fiscal years. The legislation aims to ensure that state agencies are paying appropriate rates for leased properties and not overpaying or receiving preferential treatment.

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https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=0403&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=HB694