This bill allows municipalities to implement a local education property tax exemption specifically for elderly residents aged 70 and older. The new section, RSA 72:39-c, outlines the eligibility criteria for this exemption, which includes requirements such as the owner being at least 70 years old, residing in the property for a minimum of 30 years, and having net assets not exceeding $750,000 (excluding the value of their residence and up to two acres of land). The property must be owned by the resident or jointly with a spouse or another qualifying individual. Municipalities can adopt or rescind this exemption following the procedures established in RSA 72:27-a.

Additionally, the bill amends various sections of existing law to incorporate references to the new exemption. Specifically, it adds RSA 72:39-c to the list of provisions that towns and cities may adopt, and it updates definitions and application procedures to include this new exemption. The bill also clarifies that ownership definitions encompass those with property in a grantor/revocable trust or those holding equitable title. The act is set to take effect on April 1, 2026.

Statutes affected:
Introduced: 72:29, 72:34-a, 72:36
HB766 text: 72:29, 72:34-a, 72:36