Eligible homeowners could lower the value taxed for education

The bill would let eligible homeowners deduct part of their home's assessed value when calculating the statewide education property tax. The home must be in New Hampshire and owned by an individual or married couple who use it as their primary residence for more than six months of the year. The owner must own and occupy it by January 1 of the preceding tax year and be a legal state resident. Rented or commercial properties, and properties owned by corporations, partnerships, or non-residents, would not qualify. The deduction would be capped at $300,000 or the home's assessed value, whichever is less. Owners could combine it with other homestead exemptions allowed by law. A local assessor would need to approve a complete, timely application. The bill would take effect January 1, 2027. Owners would need to own and occupy the home by January 1 of the preceding tax year.

Applicants would file with their local assessor, who would approve or deny each application within 30 days. The process applies to property owners seeking the home-value deduction. The Department of Revenue Administration and local assessors could adopt rules to administer it. Applications would need proof of ownership and residency, plus any other documents the assessor requires. Applications would be due by April 15 of each tax year; the assessor would have 30 days after receiving an application to decide.