Bill > HB1296

This bill modifies the elderly tax exemption in New Hampshire by significantly raising income and asset thresholds for senior citizens seeking property tax relief. Specifically, the bill increases the net income threshold from $13,400 to $23,300 for single persons and from $20,400 to $35,500 for married couples, and raises the net asset threshold from $35,000 to $60,900. Starting in 2026, the bill mandates that the state commissioner of revenue will annually adjust these thresholds based on the Consumer Price Index for the Northeast Region, rounding to the nearest $100. The bill also updates the exemption amounts for different age groups (65-75, 75-80, and 80+), increasing the minimum exemption from $5,000 to $8,600. To qualify, individuals must be New Hampshire residents for at least three consecutive years and meet the new income and asset requirements. The changes will take effect in the 2027 tax year, with the act itself becoming effective on July 1, 2026, providing elderly residents with more substantial property tax relief that will automatically adjust for inflation each year.

Government Affairs

https://gc.nh.gov/bill_Status/billinfo.aspx?id=2034&inflect=2