This bill establishes a specific asset evaluation date for determining eligibility for property tax exemptions for the disabled, the deaf or severely hearing impaired, and the elderly. The bill amends the existing statutes by inserting language that specifies the ownership of net assets on December 31 in the calendar year preceding the tax assessment date of April 1. This amendment applies to RSA 72:37-b, III(b) for the disabled, RSA 72:38-b, III(c) for the deaf or severely hearing impaired, and RSA 72:39-a, I(c) for the elderly. The minimum net asset threshold that can be excluded from the evaluation is set at $35,000, or a greater amount as determined by the city or town, excluding the value of the person's actual residence and the land up to 2 acres or the minimum lot size specified in local zoning ordinances.

The bill also clarifies that the term "net assets" includes the value of all tangible and intangible assets minus any good faith encumbrances, and defines "residence" as the housing unit and related structures that are the person's principal home, excluding any attached dwelling units and structures used for commercial or nonresidential purposes. The amendments made by this bill do not require local re-adoption by the municipality and will apply beginning with the 2024 property tax year. The act is set to take effect 60 days after its passage, with an effective date of July 18, 2023.

Statutes affected:
Introduced: 72:37-b, 72:38-b, 72:39-a
Version adopted by both bodies: 72:37-b, 72:38-b, 72:39-a
CHAPTERED FINAL VERSION: 72:37-b, 72:38-b, 72:39-a