Elderly Exemption (RSA 72:39-B) - http://www.gencourt.state.nh.us/rsa/html/V/72/72-39-a.htm

Elderly Exemption Application (Form 1)                                                   

Elderly Exemption Application (Form 2)

• 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.

• The applicant must have a net income of less than $25,000  If married, a combined net income of less than $45,000

• 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:
  a.    Life insurance paid on the death of an insured.
  b.    Expenses and costs incurred with conducting a
         business enterprise.
  c.    Proceeds from the sale of assets.

• The applicant, can not have assets in excess of $40,000, 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:
  $25,000 Valuation Reduction (65-75 Years of Age)
  $30,000 Valuation Reduction (75-80 Years of Age)
  $45,000 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.

• Applications must be received by April 15th.