2001 SESSION

01-0427

09/10

HOUSE BILL 551-FN

COMMITTEE: Ways and Means

ANALYSIS

This bill establishes a homestead exemption from the education property tax for persons 62 years of age and older.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

01-0427

09/10

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand One

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Education Property Tax; Reference to Homestead Exemption Added. Amend RSA 76:3 to read as follows:

76:3 Education Property Tax. An annual education property tax at the uniform rate of $6.60 on each $1000 of the value of taxable property is hereby imposed on all persons and property taxable pursuant to RSA 72 and RSA 73, except property subject to tax under RSA 82 and RSA 83-F and except as provided in RSA 76:3-a.

2 New Section; Homestead Exemption From Education Property Tax. Amend RSA 76 by inserting after section 3 the following new section:

76:3-a Homestead Exemption. An owner of a primary residence who is 62 years of age or older and whose annual income, not including income from social security or supplemental security income, is less than $50,000 shall be exempt from education property taxes on 1/3 of the assessed value of his or her home. The owner shall apply for such exemption to the department of revenue administration on or before February 1 of each year. The department shall inform the municipal tax assessor of owners within a municipality who have qualified for the exemption on or before March 1 of each year.

3 Effective Date. This act shall take effect July 1, 2001.

LBAO

01-0427

2/5/01

HB 551-FN - FISCAL NOTE

FISCAL IMPACT: