Elderly Exemption Qualifications
- 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 and the property must be your primary residence.
- 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.
- The applicant must have a net income of less than $25,000. If married, a combined net income of less than $35,000
- 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:
- Life insurance paid on the death of an insured.
- Expenses and costs incurred with conducting a business enterprise.
- Proceeds from the sale of assets.
- The applicant can not have assets in excess of $75,000, excluding the value of the dwelling for which they are applying for the exemption on. 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:
- $50,000 Valuation Reduction (65-74 Years of Age)
- $65,000 Valuation Reduction (75-79 Years of Age)
- $85,000 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.