PROPERTY TAX INCENTIVES AVAILABLE IN NH
There are various programs available in many municipalities to aid and assist taxpayers who may be eligible for certain tax incentive and relief programs. Some examples of these programs are:
PROPERTY TAX INCENTIVES AVAILABLE IN NH
There are various programs available in many municipalities to aid and assist taxpayers who may be eligible for certain tax incentive and relief programs. Some examples of these programs are:
Current Use:
The current use statute was enacted to promote the preservation of open land in the state by qualifying
land
to
be taxed at a reduced rate based on its current use value as opposed to the value of a more extensive use.
Putting Property Into Current Use
To qualify for current use status, land must meet certain requirements and property owners must file with
the
municipality to have the land placed in current use. This must be done by April 15th.
Taking Property Out Of Current Use
If land that is in current use no longer meets the current use requirements, then it is no longer placed
in
current use status. The municipality has the ability to issue a Land Use Change Tax (LUCT) to the property
owner, which often can be significant.
Please consult with our firm regarding current use issues as we have been successful in not only helping
our
clients put property into current use, but also negotiating lower Land Use Change Tax bills.
Community Revitalization Tax Relief Incentive:
“This legislative proposal encourages investment in downtowns and village centers with a new tax incentive
modeled on existing New Hampshire statute (the so-called Barn Bill). Its goals are to encourage the
rehabilitation and active use of under-utilized buildings and, in doing so, to promote strong local
economies
and, promote smart, sustainable growth, as an alternative to sprawl, in accordance with the purpose and
objectives of RSA Ch. 9-B.”*
*From the NH Community Development Finance Authority
This statute allows property owners who are rehabbing or building new to lock in below market assessments
for up
to five years. Don’t seek approvals without discussing this underutilized opportunity with us first!
PRORATED ASSESSMENT FOR FIRE DAMAGED BUILDINGS:
“RSA 76:21 provides that a prorated assessment shall be granted for taxable building(s) damaged by
unintended
fire or natural disaster and therefore unable to be used for its intended use.” **
**From the Taxpayer’s RSA 76:21 Proration Application to Municipality
This statute allows property owners who experience a loss of intended use to file for a prorated
assessment.
This must be filed with the municipality within 60 days of the event, no matter where it falls in the tax
year.
We are happy to handle this entire process on behalf of the property owner to allow them to focus their
efforts
on coping with such difficult loss.
Let us review, analyze, and assist in reducing your real estate tax burden.