Bill > HB1647

This bill requires all municipalities, cities, and towns in New Hampshire to adopt new rules for assessing farm structures and land by April 1, 2027, with the goal of preserving productive farms and supporting agricultural economic viability. The legislation defines "qualifying farm structures" to include entire farms, specific agricultural buildings like barns and greenhouses, and portions of primary residences used for food production or homestead operations. Under the bill, these farm structures and their underlying land must be assessed at reduced rates: structures will be valued at their replacement cost less depreciation, and land will be valued at no more than 10 percent of its market value. If a property changes use within five years of receiving this reduced assessment, the owner must pay the difference between the actual taxes paid and what would have been paid at full market value; after five years, a conversion would trigger a tax equal to 10 percent of the property's full market value. The bill also establishes penalties for non-compliance, including interest on unpaid taxes and potential liens, and requires property owners to notify tax assessors within 60 days of any changes that might disqualify them from the special agricultural assessment.

Budget and Finance

https://gc.nh.gov/bill_Status/billinfo.aspx?id=2422&inflect=2