This bill allows municipalities to implement a local education property tax exemption specifically for elderly residents aged 70 and older. The exemption applies to those who own and reside in their property, have lived there for at least 30 years, and possess net assets not exceeding $750,000 (excluding the value of their home and up to two acres of land). The bill outlines the eligibility criteria for the exemption, including ownership conditions and residency requirements, and provides municipalities the authority to adopt or rescind this exemption through established procedures.

Additionally, the bill amends existing laws to incorporate references to the new exemption. It adds the new section RSA 72:39-c to the list of provisions that towns and cities can adopt, and it updates definitions and application procedures to include this exemption. The effective date for the implementation of this act is set for April 1, 2026.

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