City of Nashua, NH Exemption for Elderly Persons

[Amended 4-28-1998 by Ord. No. O-98-16; 4-28-1998 by Ord. No. O-98-16; 10-24-2000 by Ord. No. O-00-77; 5-27-2003 by Ord. No. O-02-96; 9-28-2004 by Ord. No. O-04-44; 10-11-2005 by Ord. No. O-05-118; 9-12-2006 by Ord. No. O-06-19; 11-27-2018 by Ord. No. O-18-029; 11-12-2019 by Ord. No. O-19-063; 11-9-2022 by Ord. No. O-22-030]

The City of Nashua hereby adopts the provisions of New Hampshire Revised Statutes Annotated 72:39-a and 72:39-b, as they may be amended from time to time, relative to elderly tax exemptions. The optional exemption, based on assessed value, for qualified taxpayers, shall be as follows:

For a person 65 years of age up to 74 years of age: $194,000 in the tax year beginning April 1, 2020, $223,000 in the tax year beginning April 1, 2023, and $256,000 in the tax year beginning April 1, 2024;

For a person 75 years of age up to 79 years of age: $224,000 in the tax year beginning April 1, 2019, $257,600 in the tax year beginning April 1, 2023, and $295,000 in the tax year beginning April 1, 2024; and

For a person 80 years of age or older: $280,000 in the tax year beginning April 1, 2019, $316,000 in the tax year beginning April 1, 2023, and $363,000 in the tax year beginning April 1, 2024.

[Amended 3-22-2005 by Ord. No. O-05-74; 2-26-2008 by Ord. No. O-08-07; 9-22-2009 by Ord. No. O-09-67; 5-24-2011 by Ord. No. O-11-69; 3-13-2012 by Ord. No. O-12-004[1]; 11-24-2015 by Ord. No. O-15-073; 11-12-2019 by Ord. No. O-19-063]

No exemption shall be allowed under § 295-3 unless the person applying therefor:

(1)

Has resided in this state for at least three consecutive years preceding April 1 in the year in which the exemption is claimed.

(2)

Had in the calendar year preceding said April 1 a net income from all sources of not more than $50,000, or if married, a combined net income from all sources of not more than $50,000. Starting in the calendar year preceding April 1, 2023, had a net income from all sources of not more than $54,000, or if married, a combined net income from all sources of not more than $54,000. The net income shall be determined by deducting from all moneys received from any source, including social security or pension payments, the amount of any of the following or the sum thereof:

[Amended 1-10-2023 by Ord. No. O-22-039]

(a)

Life insurance paid on the death of an insured;

(b)

Expenses and costs incurred in the course of conducting a business enterprise; and

(c)

Proceeds from the sale of assets.

(3)

Owns net assets not in excess of $150,000, excluding the value of the person's actual residence and the land upon which it is located up to two acres. Starting for the April 1, 2023 tax year, owns net assets not in excess of $162,000, excluding the value of the person's actual residence and the land upon which it is located up to two acres. "Net assets" means the value of all assets, tangible and intangible, minus the value of any good-faith encumbrances. "Residence" means the housing unit, and related structures, such as an unattached garage or woodshed, which is the person's principal home, and which the person in good faith regards as home to the exclusion of any other places where the person may temporarily live. "Residence" shall exclude attached dwelling units and unattached structures used or intended for commercial or other nonresidential purposes.

[Amended 1-10-2023 by Ord. No. O-22-039]

Additional requirements for an exemption under § 295-3 shall be that the property is:

(1)

Owned by the resident; or

(2)

Owned by a resident jointly or in common with the resident's spouse, either of whom meets the age requirement for the exemption claimed; or

(3)

Owned by a resident jointly or in common with a person not the resident's spouse, if the resident meets the applicable age requirement for the exemption claimed; or

(4)

Owned by a resident, or the resident's spouse, either of whom meets the age requirement for the exemption claimed, and when they have been married to each other for at least five consecutive years.

Upon the death of an owner residing with a spouse pursuant to Subsection B(2) or B(4), the combined net asset amount for married persons shall continue to apply to the surviving spouse for the purpose of the exemption granted under § 295-3 until the sale or transfer of the property by the surviving spouse or until the remarriage of the surviving spouse.

No exemption shall be allowed if the resident applying therefor has, within the preceding five years, received transfer of the real estate from a person under the age of 65 related to him or her by blood or marriage.

If any entitled person or persons shall own a fractional interest in residential real estate, each such entitled person shall be granted exemption in proportion to his or her interest therein with other persons so entitled, but in no case shall the total exemption to all persons so entitled exceed the amount provided in § 295-3.

[1]

Editor's Note: This ordinance also provided that it would take effect for the tax year commencing 4-1-2012.