Exemptions and Tax Credits
Exemptions and Tax Credits
HAMPSTEAD EXEMPTIONS AND TAX CREDITS
ELDERLY AND DISABLED TAX EXEMPTION APPLICANTS - PLEASE NOTE
- All information that you are being asked to proved is for the PREVIOUS year - ending December 31, 2023
- All income from all sources such as Social Security, Pensions, Annuities, Retirements, Wages, etc must include a form 1099 or W-2 to verify the amounts
- All assets including Bank Accounts, CD's, IRA's, Money Markets, Annuities, etc, must include a statement that shows the amount in the account as of December 31, 2023
ELDERLY EXEMPTION:
- Must have lived in New Hampshire 3 consecutive years prior to April 1
- Must be 65 years of age before April 1
- Assets not in excess of $100,000 (excluding the value of the home – including checking, savings, IRA, CD, Annuity, cars, boats, 2nd home, land, RV)
- If Single – income not in excess of $40,000 (includes Social Security, pensions, wages, interest income, etc. – excludes life insurance payout, proceeds from sale of asset, expenses/costs of a business)
- If Married – income not in excess of $70,000 (includes Social Security, pensions, wages, interest income, etc. – excludes life insurance payout, proceeds from sale of asset, expenses/costs of a business)
EXEMPTION AMOUNTS:
- Ages 65 to 74 $210,000 taken off assessed value
- Ages 75 to 79 $280,000 taken off assessed value
- Ages 80 and up $322,000 taken off assessed value
REQUIRED DOCUMENTS:
- Elderly Exemption Worksheet
- PA-29
- PA-33 – only required if home is in a trust
VETERAN’S EXEMPTION:
- Must have lived in New Hampshire 1 year prior to April 1
- For Disabled Veteran or Surviving Spouse – must have total and permanent connected disability or double amputee or paraplegic or the surviving spouse.
VETERAN’S (or Spouse) TAX CREDIT:
Property tax bill is reduced by $750.00
DISABLED VETERAN (or Spouse) VETERAN’S TAX CREDIT:
Property tax bill is reduced by $2,000.00
Surviving Spouse needs to re-apply upon death of Veteran
REQUIRED DOCUMENTS:
- Copy of DD-214 (original will be returned) – must show at least 90 days active service and honorable discharge – must also include letter of disability if applying for disabled or surviving spouse credit
- Veteran’s Qualification Worksheet
- PA-29
- PA-33 – only required if home is in a trust
DISABLED EXEMPTION:
- Must have lived in New Hampshire for at least 5 years prior
- Must own/occupy the real estate individually or jointly, or if the real estate is owned by a spouse, they must have been married for at least five years
- Must be eligible under Title II or Title XVI of the federal social security act for benefits to the disabled
- Must show evidence of qualifications from the Social Security Administration
- Assets not in excess of $100,000 (excluding the value of the home – including checking, savings, IRA, CD, Annuity, cars, boats, 2nd home, land, RV)
- If Single – income not in excess of $40,000 (includes Social Security, pensions, wages, interest income, etc. – excludes life insurance payout, proceeds from sale of asset, expenses/costs of a business)
- If Married – income not in excess of $70,000 (includes Social Security, pensions, wages, interest income, etc. – excludes life insurance payout, proceeds from sale of asset, expenses/costs of a business)
DISABLED EXEMPTION:
$50,000 taken off assessed value
REQUIRED DOCUMENTS:
- Disabled Exemption Worksheet
- PA-29
- PA-33 – only required if home is in a trust
- Evidence from Social Security Administration
BLIND EXEMPTION:
- Must be legally blind as determined by the Blind Services Program, Bureau of Vocational Rehabilitating, Department of Education, State of NH
BLIND EXEMPTION:
$50,000 taken off assessed value
REQUIRED DOCUMENTS:
- PA-29
- PA-33 – only required if home is in a trust
- Evidence from the Blind Services Program, Bureau of Vocational Rehabilitating, Department of Education, or State of NH