The bill, known as the "Property Tax Relief Act of 2024," aims to alleviate the local property tax burden by reinstating the state's contribution to a portion of the retirement costs for teachers, firefighters, and local police. The state will cover 7.5 percent of the retirement system contributions for political subdivision employers, specifically for group I teachers and group II members, starting in the fiscal year 2025. This change is intended to provide property tax relief to cities and towns and support public education and public safety.

The bill amends RSA 100-A:16, II(b) and (c), changing the fiscal year from 2013 to 2025 and adjusting the employer contribution requirements. Employers other than the state will now pay 92.5 percent of the total contributions, with the state covering the remaining 7.5 percent. The fiscal note indicates that this will result in an increase in general fund expenditures by $27.13 million in FY 2025, $27.78 million in FY 2026, and $28.46 million in FY 2027, while political subdivision expenditures will decrease by the same amounts. The bill does not provide funding to cover these expenditures for FY 2025, and future costs will need to be included in the New Hampshire Retirement System's operating budget. The act is set to take effect on July 1, 2024.