This bill establishes a homestead tax exemption aimed at assisting lower-income property owners. It amends existing tax laws by adding new provisions under RSA 72, specifically introducing sections 72:60-a and 72:60-b. The new section 72:60-a outlines the eligibility criteria for the homestead exemption, which includes requirements such as residency for at least one year, a net household income not exceeding 100% of the median income for a three-person household in the relevant area, ownership of only one property considered as the primary residence, and an assessed home value that does not exceed the average for the municipality. Additionally, section 72:60-b details the procedure for municipalities to adopt this exemption through a vote at town meetings or other legislative body votes.

The bill also makes several amendments to existing laws, including the addition of RSA 72:60-a in the list of exemptions under RSA 21-J:3, XIII and RSA 72:27-a, I, while removing references to certain exemptions in RSA 72:41. The effective date for the implementation of this act is set for April 1, 2027. Overall, the bill aims to provide financial relief to qualifying homeowners by allowing them to benefit from a tax exemption based on their income and property value.

Statutes affected:
Introduced: 21-J:3, 72:36, 72:41
HB1674 text: 21-J:3, 72:36, 72:41