Bill > HB1674

This bill creates a new homestead tax exemption for lower-income property owners with specific eligibility requirements. The exemption would allow municipalities, cities, towns, and villages to opt-in through a local vote, and applies to homeowners who have resided at their property for at least one year, have a household income at or below 100% of the median income for a 3-person household in their area, own only one primary residence, and have a home valued at or below the average assessed home value for their municipality. Applicants must own their home as of December 31 in the year preceding the tax year for which they seek the exemption. The bill also makes several technical amendments to existing tax laws to incorporate references to this new homestead exemption, such as updating sections about property valuation, tax assessment procedures, and how exemptions are prorated when property is jointly owned. The homestead tax exemption will become effective on April 1, 2027, giving municipalities time to prepare for and potentially adopt the new tax relief option.

Government Affairs

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1815&inflect=2