South County Times

The City Council recently voted to increase the income limits for both the elderly and disabled exemptions. Income limits will increase from $46,124 to $50,137 for single taxpayers and from $63,108 to $68,598 for married couples. Total assets for both exemptions will remain at $500,000 whether single or married.

If the taxpayer is qualified, the City exempts $235,000 off the assessed valuation of the primary home of residents ages 65 through 74; $285,000 for residents ages 75-79; and provides a $335,000 reduction for those 80 and older. Residents must have lived in New Hampshire for the past three years.

The City also exempts $235,000 off the assessed value of the principal place of residence to any person eligible under Title II or Title XVI of the Federal Social Security Act for benefits to the disabled, and who has been a resident of New Hampshire for the past five or more years. 

The specified income limits are based upon earnings during the prior calendar year. Examples of income include but are not limited to: wages, self-employment earnings, pensions, annuities, rentals, interest, dividends and Social Security benefits. Copies of a taxpayer’s prior year 1040 Federal Tax Return and Schedules are required, along with any State's Interest and Dividend documentation, if applicable.

Total assets include but are not limited to: savings and checking accounts, stocks and bonds, CDs and money market accounts, vehicles, household goods, antiques, jewelry and furs. Anything that can be sold for cash is an asset. Assets also include the fair market value, not the assessed value, of all real property located in-State or outside, except for the value of the residence on which the exemption is claimed.

Applications for exemptions are due to the Assessor’s Office no later than April 15, 2023, in order to receive the exemptions for the December 2023 tax bill.

Go to the online application or contact the City Assessor’s Office at 603-610-7249.

Original source can be found here.