Relative to the proration of property tax exemptions.
Impact
The enactment of HB 197 will have a significant effect on how property tax exemptions are applied under New Hampshire statutes. By amending RSA 72:41, the bill intends to standardize the way exemptions are prorated among owners of shared properties. The law will apply starting from the 2024 property tax year, allowing the necessary adjustments in local tax administration without requiring municipalities to readopt the changes. This shift will streamline the process for tax officials and eligible homeowners, potentially leading to increased transparency and predictability in property taxation for those benefiting from exemptions.
Summary
House Bill 197 proposes modifications to the current property tax exemption laws in New Hampshire, specifically addressing the proration of exemptions for individuals owning fractional interests in residential real estate. The bill mandates that if an individual qualifies for a property tax exemption due to being blind, disabled, deaf, severely hearing impaired, or elderly, the exemption granted should be proportional to their ownership stake in the property. This change aims to provide fairness in the application of property tax exemptions, ensuring that individuals only receive benefits that align with their share of ownership.
Contention
While the bill appears beneficial for individuals qualifying for exemptions based on disability or age, there may be concerns regarding its implications for local governance and fiscal impacts on municipalities. Some opponents might argue that the prorating could result in reduced revenue for local governments if not properly accounted for, potentially impacting local services funded by property taxes. Furthermore, there may be discussions about whether the proration adequately reflects the financial burdens faced by those who are blind, disabled, or elderly, especially in cases where shared ownership complicates the acknowledgment of individual hardships.
Establishing an elderly, disabled, blind, and deaf property tax exemption reimbursement fund, authorizing video lottery terminals, renaming the lottery commission, and creating a voluntary statewide self-exclusion database.
Expanding property tax exemptions for certain elderly and disabled persons; raising public awareness regarding tax credits and exemptions; and requiring an annual report regarding the efficacy of the low and moderate income homeowners property tax relief program.
Regulating online gambling and directing net proceeds to the education trust fund, the general fund, and to reimburse municipalities for elderly, disabled, blind, and deaf tax exemptions.