This bill proposes significant changes to the homestead right, increasing the exemption amount from $120,000 to $1,000,000. It amends RSA 480:1 to establish that every person is entitled to this new amount for their homestead, which includes manufactured housing, mobile homes, housing cooperatives, and condominiums, provided they are occupied as a primary residence. Additionally, the bill introduces new provisions that require the residence to have been continuously used as a primary residence for the previous 12 months to qualify for the exemption. It also allows for the protection of proceeds from the sale of a qualifying residence if reinvested in a new primary residence within six months. Furthermore, it stipulates that only one homestead exemption can be claimed by a married couple or a single person, and it allows for the full market value of the property to be claimed as a homestead right in cases of debts resulting from unpaid medical bills or catastrophic injuries.

The bill also modifies RSA 480:4 regarding the homestead right's exemption from attachment and sale for debt payment. It clarifies that the homestead right does not erase any debt but is exempt from attachment during its continuance, with specific exceptions for tax collection, enforcement of liens for forfeited bail bonds or domestic support obligations, and mechanics' liens. The bill further updates the notice requirements for homestead exemptions in the context of real estate sales, ensuring that individuals are informed of their rights under the new exemption amount. The act is set to take effect on January 1, 2026.

Statutes affected:
Introduced: 480:1, 480:4, 529:20-a
As Amended by the House: 480:1, 480:4, 529:20-a