This bill establishes a new homestead property tax exemption for owner-occupied primary residences in New Hampshire, providing a tax exemption of up to $300,000. The purpose of this legislation is to promote homeownership and offer property tax relief. The bill introduces a new subdivision to RSA 72, which includes definitions for "homestead," "owner-occupied primary residence," and "owner." To qualify for the exemption, applicants must own and occupy the property as their primary residence by January 1 of the preceding tax year, file a timely application with their local assessor, and be legal residents of New Hampshire.

The bill outlines the application process, requiring property owners to submit their applications by April 15 each tax year, along with proof of ownership and residency. The local assessor is tasked with approving or denying applications within 30 days. The exemption will reduce the taxable assessed value of the property, thereby lowering the property tax owed. Notably, the exemption does not apply to properties that are rented, used for commercial purposes, or owned by corporations, partnerships, or non-residents. The legislation also allows for the cumulative claiming of this exemption with any other homestead exemptions available by law. The act is set to take effect on January 1, 2027.