Bill
Bill > HB734
NH HB734
Relative to the state education property tax and the low- and moderate-income homeowners property tax relief program.
summary
Introduced
01/22/2025
01/22/2025
In Committee
01/22/2025
01/22/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
This bill: I. Requires the department of revenue administration to receive the revenues from the state education property tax and deposit them in the education trust fund. II. Revises the procedures for calculating state education grants. III. Modifies the criteria for relief under the low- and moderate-income homeowners property tax relief program. IV. Establishes a committee to study the low- and moderate-income homeowners property tax relief program.
AI Summary
This bill makes several key changes to the state education property tax and the low- and moderate-income homeowners property tax relief program. Beginning July 1, 2025, the Department of Revenue Administration will set an education tax rate designed to generate $363,000,000 in revenue, with an annual adjustment for inflation. The bill requires municipalities to pay all education property tax revenues directly to the Department of Revenue Administration for deposit in the education trust fund, rather than keeping the funds locally. The low- and moderate-income homeowners property tax relief program is significantly modified, including raising income eligibility thresholds (for example, from $37,000 to $65,000 for single persons) and changing the calculation of tax relief percentages. The bill also mandates that tax bills include more explicit information about the property tax relief program and requires the Department of Revenue Administration to proactively mail application forms to previous recipients. Additionally, the bill establishes a legislative study committee to examine the property tax relief program, including potential extensions to tenants and the development of a statewide property tax deferral program. The committee is required to report its findings by November 1, 2025, with the changes applying to taxable periods ending on or after April 1, 2026.
Committee Categories
Education
Sponsors (2)
Last Action
Retained in Committee (on 02/26/2025)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=0761&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=HB734 |
BillText | https://gc.nh.gov/bill_status/legacy/bs2016/billText.aspx?sy=2025&id=768&txtFormat=html |
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