Exemption Applications:
It is the responsibility of the taxpayer to properly apply ANNUALLY for any property exemption or the tax deferral program. All applications for property exemptions and tax credits are due on or before April 15th. All applications for the property tax derral program ( RSA 72:38-A) must be fiiled with the Assessing Department by March 1st of the current tax year following the notice of tax.
***IMPORTANT***
Notify the Assessor’s Office of any address changes to insure exemptions are applied to your current residence and for accurate mailing of tax bills. Exemptions will be transferred to the new property for the following April 1st.
Elderly Exemption (RSA 72:39):
Requirements:
· Must be a New Hampshire resident for 3 consecutive years
· Must be 65 on or before April 1st (or spouse)
· The property for which the exemption is applied must be the legal residence of applicant(s)
The elderly exemption is based on applicant’s income and assets
Income Limit: Yearly Net Income: Single $45,000, Married $60,000 Including all sources of income such as SOCIAL SECURITY & PENSION PAYMENTS and IRA DISTRIBUTIONS (excluding business expenses, life insurance)
Assets Limit: $200,000 excluding the Merrimack residence and up to 2 acres of land
Property Transfers: the property cannot be transferred within the last 5 years from a blood relative or marriage
The elderly exemption is based on applicant’s income and assets
Income Limit: Yearly Net Income: Single $45,000, Married $60,000 Including all sources of income such as SOCIAL SECURITY & PENSION PAYMENTS and IRA DISTRIBUTIONS (excluding business expenses, life insurance)
Assets Limit: $200,000 excluding the Merrimack residence and up to 2 acres of land
Property Transfers: the property cannot be transferred within the last 5 years from a blood relative or marriage
Exemption:
Age 65 - 74 $75,000 off assessed value
Age 75 - 79 $100,000 off assessed value
Age 80 & up $125,000 off assessed value
Filing Date: application deadline is April 15th
Filing Date: application deadline is April 15th
Disabled Exemption (RSA 72:37b):
Requirements:
Requirements:
· Must be eligible under Title II or Title XVI of the Federal Social Security Act for benefits of the disabled
· Must be a New Hampshire resident for 5 consecutive years
· The property for which the exemption is applied must be the legal residence of applicant(s)
The disabled exemption is based on applicant’s income and assets
Income Limit: Yearly Net Income: Single $50,000, Married $67,500 Including all sources of income such as SOCIAL SECURITY & PENSION PAYMENTS and IRA DISTRIBUTIONS (excluding business expenses, life insurance)
Assets Limit: $200,000 excluding the Merrimack residence and up to 2 acres of land
Income Limit: Yearly Net Income: Single $50,000, Married $67,500 Including all sources of income such as SOCIAL SECURITY & PENSION PAYMENTS and IRA DISTRIBUTIONS (excluding business expenses, life insurance)
Assets Limit: $200,000 excluding the Merrimack residence and up to 2 acres of land
Exemption: $75,000 off assessed value
Filing Date: application deadline is April 15th
BLIND EXEMPTION (RSA 72:37)
Requirements:
Requirements:
· Applies only to residential property and must be the place of residence of the owner
· Owner must be certified legally blind by: New Hampshire Services for the Blind and Visually Impaired, State of New Hampshire, Department of Education, 78 Regional Drive Bldg 2, Concord NH 03301-8530 603 / 271-3537.
Exemption: $15,000 off assessed value
Filing Date: application deadline is April 15th
TAX DEFERRAL PROGRAM (RSA 72:38-A):
Requirements:
Any resident property owner may apply for a tax deferral if the person:
Is either at least 65 years old OR
Any resident property owner may apply for a tax deferral if the person:
Is either at least 65 years old OR
eligible under Title II or Title XVI of the Federal Social Security Act for benefits of the disabled; AND
Must have owned the property for at least 5 consecutive years; AND
Is living in the home on April 1st of the application year
Must have owned the property for at least 5 consecutive years; AND
Is living in the home on April 1st of the application year
Tax deferral may be granted for all or part of taxes due. Annual interest of 5% accrues. Total tax deferrals shall not be more than 85% of its equity value. Tax deferral may be granted if in the opinion of the assessing officials the tax liability causes the taxpayer an undue hardship or possible loss of the property. Applications must be made by March 1st following the issuance of the final tax bill for that year. If property is subject to mortgage, mortgage holder must approve.
Filing Date: application deadline is March 1st