This bill introduces a taxation framework for the excess value of properties owned by charitable or non-profit organizations. It amends RSA 72:23, V by adding new provisions that specify that while the buildings, lands, and personal property of these organizations are generally exempt from property taxes, any value exceeding $1,000,000 in a municipality will be subject to taxation at the municipal rate. The bill also allows towns or city governing bodies to vote on increasing the exemption amount and provides for the possibility of a written agreement between municipalities and charitable organizations for voluntary payments in lieu of taxes, which would exempt them from this taxation during the agreement's duration.

The bill deletes the previous language that did not account for the excess value of properties owned by these organizations, thereby introducing a new subparagraph (b) that outlines the conditions under which the excess value will be taxed. The effective date for this act is set for April 1, 2027.

Statutes affected:
Introduced: 72:23
HB1293 text: 72:23