Local Property Tax | Glossary

	Local Property Tax RSA Chapter 76 Property taxes, based upon local assessed valuations, are administered and collected by the individual cities and towns. The majority of property taxes collected are based on the market value of the property at its highest and best use. Some property taxes, however, are based on the market value of a properties actual use, such as: Current Use assessments under RSA Chapter 79-A are available for certain Farm Land, Forest Land, and Unproductive Land. The program is for the properties dedicated to remain as open space. A Land Use Change tax of 10% of the market value of the property is charged upon the occurrence of a disqualifying event (usually a development, use or sale of a portion of a property). Typically ten acres or more of dedicated land is required. Application to local officials on or before April 15th is required. Taxes on the value of standing timber are assessed under RSA Chapter 79. These are assessed by local officials, at a rate of 10% of the value of the standing timber. The annual filing of an intent to cut and the subsequent report of timber cut are required. Taxes on the value of gravel and excavated materials are assessed under RSA Chapter 72-B. These are assessed at a rate of at the rate of $.02 per cubic yard of earth excavated. Local Property tax exemptions, credits and deferrals: Elderly Exemption: Effective July 23, 1996, RSA 72:39-a replaced the Standard, Expanded, Adjusted and Optional Adjusted Elderly Exemptions. The statute sets the minimum exemptions, and the cities and towns may modify them. The statutory exemption levels for all municipalities are adopted by each individual municipality. < Amount of exemption from value of residential real estate: Ages 65-74; 75-79; and 80+ < Net Income Limits, including Social Security Income or pension payment Net Asset Limits Blind Exemption - RSA 72:37 The exemption for the legally blind must be adopted by the municipality. The exemption is a minimum $15,000 reduction of the assessed value of the residential real estate (RSA 72:29) and could be higher if amended through referendum vote. Deferral for the Elderly or Disabled - RSA 72:38-a The assessing officials "... may annually grant a person qualified under this paragraph a tax deferral..." Property taxes are deferred and accrue interest at the rate of 5% per annum.The deferred property tax may not exceed more than 85% of the equity value of the residence.If granted by the assessing officials, the deferral is available to any resident property owner who is 65 years or older, or eligible for benefits for the totally and permanently disabled under the federal social security act, has owned the home for at least five years, and is currently residing there. Veterans Tax Credit - RSA 72:28 Qualifying residents shall receive the following amounts deducted from their tax bills: < $ 50: Basic credit available to all veterans. < $700: For the surviving spouse of a veteran, pursuant to RSA 72:29-a, and veterans having a total and permanent service-connected disability pursuant to RSA 72:35 Towns may adopt a local option to increase the above dollar amounts to $100 and $1,400. Disability Exemption - Residents who qualify under RSA 72:36-a as totally and permanently disabled from service connection, and is paraplegic or having double amputation from military service connected disability or blind (5/200 vision or less) as a result of service connection, and owning a specially adapted home acquired with V.A. assistance are exempt from all taxation on that home. Tax Exemption for Improvements to Assist Persons with Disabilities - RSA 72:37-a This exemption is limited to a physically handicapped person who resides at the residential real estate, and is applicable only upon the value of any special aids required by the resident to enable them to propel themselves. Tax Exemption for Wind-Powered, Solar and Wood Heating Energy System - RSA's 72:66, 72:62, 72:70 These exemptions are optional to the cities and towns, and must be voted upon locally. If further information is required, contact the assessing officials of the municipality. Tax Exemption for the Disabled - RSA 72:37-b Tax Exemption for the Disabled - RSA 72:37-b Available to persons eligible under the Social Security Act for benefits to the Totally & Permanently Disabled. Applicable only on the applicant's principal place of abode. The exemption is optional and must be voted on by the municipality, which also determines the amount of the exemption and the income/asset limitations.

Local Property Tax
RSA Chapter 76

Property taxes, based upon local assessed valuations, are administered and collected by the individual cities and towns. The majority of property taxes collected are based on the market value of the property at its highest and best use. Some property taxes, however, are based on the market value of a properties actual use, such as:

Current Use assessments under RSA Chapter 79-A are available for certain Farm Land, Forest Land, and Unproductive Land. The program is for the properties dedicated to remain as open space. A Land Use Change tax of 10% of the market value of the property is charged upon the occurrence of a disqualifying event (usually a development, use or sale of a portion of a property). Typically ten acres or more of dedicated land is required. Application to local officials on or before April 15th is required.
Taxes on the value of standing timber are assessed under RSA Chapter 79. These are assessed by local officials, at a rate of 10% of the value of the standing timber. The annual filing of an intent to cut and the subsequent report of timber cut are required.
Taxes on the value of gravel and excavated materials are assessed under RSA Chapter 72-B. These are assessed at a rate of at the rate of $.02 per cubic yard of earth excavated.

Local Property tax exemptions, credits and deferrals:

Elderly Exemption: Effective July 23, 1996, RSA 72:39-a replaced the Standard, Expanded, Adjusted and Optional Adjusted Elderly Exemptions. The statute sets the minimum exemptions, and the cities and towns may modify them. The statutory exemption levels for all municipalities are adopted by each individual municipality.

< Amount of exemption from value of residential real estate: Ages 65-74; 75-79; and 80+
< Net Income Limits, including Social Security Income or pension payment Net Asset Limits

Blind Exemption - RSA 72:37

The exemption for the legally blind must be adopted by the municipality. The exemption is a minimum $15,000 reduction of the assessed value of the residential real estate (RSA 72:29) and could be higher if amended through referendum vote.

Deferral for the Elderly or Disabled - RSA 72:38-a

The assessing officials "... may annually grant a person qualified under this paragraph a tax deferral..." Property taxes are deferred and accrue interest at the rate of 5% per annum.The deferred property tax may not exceed more than 85% of the equity value of the residence.If granted by the assessing officials, the deferral is available to any resident property owner who is 65 years or older, or eligible for benefits for the totally and permanently disabled under the federal social security act, has owned the home for at least five years, and is currently residing there.

Veterans Tax Credit - RSA 72:28

Qualifying residents shall receive the following amounts deducted from their tax bills:

< $ 50: Basic credit available to all veterans.
< $700: For the surviving spouse of a veteran, pursuant to RSA 72:29-a, and veterans having a total and permanent service-connected disability pursuant to RSA 72:35

Towns may adopt a local option to increase the above dollar amounts to $100 and $1,400.

Disability Exemption - Residents who qualify under RSA 72:36-a as totally and permanently disabled from service connection, and is paraplegic or having double amputation from military service connected disability or blind (5/200 vision or less) as a result of service connection, and owning a specially adapted home acquired with V.A. assistance are exempt from all taxation on that home.
Tax Exemption for Improvements to Assist Persons with Disabilities - RSA 72:37-a

This exemption is limited to a physically handicapped person who resides at the residential real estate, and is applicable only upon the value of any special aids required by the resident to enable them to propel themselves.

Tax Exemption for Wind-Powered, Solar and Wood Heating Energy System - RSA's 72:66, 72:62, 72:70

These exemptions are optional to the cities and towns, and must be voted upon locally. If further information is required, contact the assessing officials of the municipality.

Tax Exemption for the Disabled - RSA 72:37-b Tax Exemption for the Disabled - RSA 72:37-b

Available to persons eligible under the Social Security Act for benefits to the Totally & Permanently Disabled. Applicable only on the applicant's principal place of abode. The exemption is optional and must be voted on by the municipality, which also determines the amount of the exemption and the income/asset limitations.