| Bill Number: | O-02-96 |
| 1st Reading: | 9/9/2002 |
| Bill Name: | ADJUSTING THE PROVISIONS OF THE ELDERLY PROPERTY TAX EXEMPTION |
| Bill Status: | Approved |
| Approval Date: | 5/27/2003 |
| Voting: | Not a Roll Call Vote on this Legislation |
| Bill Sponsor: | Brian S. McCarthy |
| Co-Sponsors: |
Rootovich, David - Alderman At - Large
Tollner, James - Alderman At - Large Bolton, Steven - Alderman At - Large Britton, Frederick - Alderman At - Large Deane, David - Alderman At - Large Johnson, Paula - Alderman At - Large McAfee, Kevin - Alderman Ward 1 Nickerson, Timothy - Alderman Ward 2 Gage, Kevin - Alderman Ward 3 Dion, Robert - Alderman Ward 6 Cardin, Lori - Alderman Ward 7 Cote, Scott - Alderman Ward 9 |
| Bill Text: | ADJUSTING THE PROVISIONS OF THE ELDERLY PROPERTY TAX EXEMPTION
The City of Nashua ordains that WHEREAS, a majority of the board of aldermen vote “yes” to the question: “Shall we modify the elderly exemptions from property tax in the City of Nashua, based on assessed value, for qualified taxpayers, to be as follows: for a person 65 years of age up to 75 years, $80,000; for a person 75 years of age up to 80 years, $100,000; for a person 80 years of age or older, $125,000. To qualify, the person must have been a New Hampshire resident for at least 5 years, own the real estate individually or jointly, or if the real estate is owned by such person’s spouse, they must have been married for at least 5 years. In addition, the taxpayer must have a net income of not more than $36,000.00 or, if married, a combined net income of less than $36,000.00; and own net assets not in excess of $100,000.00, excluding the value of the person’s residence.”? NOW THEREFORE, Chapter 2 “Administration”, Article X “Taxation and Finance”, Division 1 “Generally”, Section 2-740 “Elderly exemption”, subsections (a)(1), (2), and (3) and subsection (b) be amended by deleting the struck-through language and adding the new language shown in italics as follows: “(a) … (1) For a person sixty-five (65) years of age up to seventy-five (75) years of age – eighty thousand dollars ($80,000.00); (2) For a person seventy-five (75) years of age up to eight (80) years of age – One hundred thousand dollars ($100,000.00); and (3) For a person eighty (80) years of age or older – One hundred twenty-five thousand dollars ($125,000.00). (b) To qualify, the person must have been a New Hampshire resident for at least five (5) years, own the real estate individually, jointly, or if the real estate is owned by a spouse, he/she must have been married for at least five (5) years. In addition, the taxpayer must have a net income of not more than thirty-six thousand dollars ($36,000.00), or, if married, a combined net income of not more than thirty-six thousand dollars ($36,000.00) and own net assets not in excess of one hundred thousand dollars ($100,000.00), excluding the value of the person’s residence.” The ordinance shall become effective upon passage. |