A public hearing will be held during the April 13, 2020 City Council meeting regarding changes to the income limits for the Elderly Exemptions to be used for the 2020 tax year, April 1, 2020 – March 31, 2021. Currently the net income limits are $34,100 for single applicants and $46,800 for married applicants.
Proposed changes are as follows:
The net income for single applicants of not more than $34,300
The net income for married applicants of not more than $47,200
Applicants must apply on or before April 15th for the Elderly Exemption. It is recommended that residents who believe that they may qualify, apply on or before April 15th since no application can be accepted after the deadline.
Elderly Exemption (RSA 72:39-a)
Any resident who may be eligible to receive the elderly exemption must file an Elderly Exemption Application and Permanent Application State form PA-29 (PDF) with the Assessing Department. Filing period is January - April 15th.
- The applicant must be 65 years of age on or before April 1st in the year they are applying for the exemption.
- The applicant must have been a New Hampshire resident for three years prior to April 1.
- The applicant must have owned the residence by April 1 individually or jointly, or if the residence is owned by a spouse, they must have been married for at least five years.
- If the applicant received a transfer of real estate from a person under the age of 65, related to him by blood or marriage, within the preceding 5 years, no exemption shall be allowed. RSA 72:40-a, Limitations.
- A single applicant must have a net income of less than $34,100. If married, a combined net income of less than $46,800.
- Net income is to be determined by deducting from all monies received from any source whatsoever, the amount of any of the following, or the sum thereof:
a. Life insurance paid on the death of an insured.
b. Expenses and costs incurred with conducting a
c. Proceeds from the sale of assets.
- The applicant, can not have assets in excess of $95,000, excluding the value of the dwelling. Any units of a multi-family home not occupied by the exemption recipient are considered to be an asset.
- The applicant, meeting the above statute requirements, will receive the following exemptions:
$73,000 Valuation Reduction (65-74 Years of Age)
$119,000 Valuation Reduction (75-79 Years of Age)
$203,000 Valuation Reduction (80 or More Years of Age)
- If your income or asset level changes and you no longer qualify for the exemption, you are obligated by law to advise the Assessing Department.
- If your property is held in a trust, you must supply a copy of the trust instrument and "A Statement of Qualification" (PA-33) (PDF) must be completed and submitted with documents. (All documents submitted shall be handled to protect the privacy of the applicant).
- Notify the Assessor’s Office of any change of address
Documents required for new applicants:
- SSA – 1099 Statement (Social Security Benefit Statement)
- Previous years income tax form – if not filing a federal income tax form, the following forms will be required if applicable: Form 1099 R Distribution of pensions, annuities, any W2 wage statements and 1099 interest statements.
- Bank statements and verification of assets listed