HB 569-FN is a bill that makes changes to the state education property tax and the low and moderate income homeowners property tax relief program. The bill requires municipalities to collect the Statewide Education Property Tax (SWEPT) and remit it to the Department of Revenue (DRA) for deposit into the Education Trust Fund. It also makes changes to the Low and Moderate Income Homeowner Property Tax Relief program, including increasing the household income amounts for eligibility, reducing the minimum homestead amount, and adjusting the percentage used to determine the tax relief rebate. The bill also establishes a committee to study the low and moderate income homeowners property tax relief program and make recommendations for proposed legislation.
The fiscal impact of the bill is indeterminable, as the Department of Education has not yet provided a fiscal note worksheet. However, the bill does include a provision that the aggregate of tax relief checks issued by the commissioner to all taxpayers claiming eligibility for tax relief shall not exceed $30,000,000 for the fiscal year. The Department of Revenue Administration (DRA) states that the impact of the bill on municipalities and state expenditures is indeterminable. The DRA anticipates an increase in the number of claimants and the amount of relief under the L&M program, which would require additional appropriations. The New Hampshire Municipal Association (NHMA) also expects an increase in local expenditures due to new payment procedures for collecting and administering SWEPT funds. The NHMA also notes that the bill may result in decreased revenue for municipalities, depending on their property valuation.
Statutes affected: Introduced: 76:8, 76:11-a, 198:39, 198:41, 198:57