QUALIFICATIONS FOR THE ELDERLY EXEMPTIONS (RSA 72:39-a +72:39b)
Filing Deadline April 15
Applicants must re-qualify YEARLY for the Elderly Exemption
- A resident of NH for 3 consecutive years preceding April 1 in the year which the exemption is claimed.
- Must be the owner of record on or before April 1.
- Must occupy as their primary abode the property for which the exemption is claimed.
- Must be 65 on or before April 1 of year of application.
- If the residence is owned by such person’s spouse, they must have been married to each other for at least 5 consecutive years.
- If 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 five (5) years no exemption will be allowed- RSA 72:40a, limitations.
- Yearly Net Income (not adjusted) from any source whatsoever. Net income is determined by deducting the amount of any of the following: (expenses/cost incurred in conducting a business; life insurance proceeds on the death of an insured; or proceeds from the sale of assests).
- Income Limitations; Single $38,600, Married $46,000. ***Approved per warrant article vote(petition) March 13, 2012.
- Asset Limitation: $85,000 excluding residence and the value of a minimum residential lot up to 2 acres of land.
Exemption Amounts: (Subject to Change)
The Assessing Office must be notified of any changes in assest and/or income status.
Please note the worksheet has been revised as well as IRS Form 4506T has been added & must be completed. A new worksheet will be available January 1, 2018 for the 2018 Tax Year.