Is it really possible to live tax free in New Hampshire? In the state that touts third overall lowest tax burden in the country, you would have to have no phone service, can not purchase gasoline, can't smoke or drink or eat out at restaurants for that matter. However most of us granite staters are not overly concerned about those taxes as much as we are about the "biggie" tax bills- our property taxes!
Now it doesn't take a rocket scientist to figure out that we need to pay for services such as education, police/fire, public works because money doesn't just fall off of the trees you know.
But, can anyone live in this state without paying a huge amount in taxes!
The answer is YES!
Now before you get all excited about saving loads of money, there are requirements that need to be met. After all, This little secret should be for some one on limited income right!
How about someone who has paid into the tax system for many years and now may need help- Of course.
Look lets be real for a minute. Most of us at any given times in our lives don't get all the services that our taxes pay for. It will never happen. In fact, many of us that move into the towns that we inhabit don't shop the tax rate and see what services we could use and which ones we won't need. ( neat concept though)
OK, lets see how someone could live property tax free in Derry!
1) Must be at least 65 years old
2) Must be a NH resident for at least 3 years
3) Can Not make more than 28K as a single person or 35K married in SALARY
4) NOT including your home- you may not have more than 100K in funds
If you meet these above requirements- you are allowed a tax exemption.
That exemption will depend on your actual age.
65-74 yrs of age- you get to deduct $82,300 of value off of your assessed value on your home
74-79 yrs of age- you get to deduct $122,000
80 or older- you get to deduct $163,300 off of assessed value.
Not bad.
In todays market there are plenty of 2 bedroom, single floor condos that one could purchase for under $163300. And therefore! You can live tax free in the Granite State!
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7 comments:
When the Town Council gives the elderly a property tax exemption, does that include school and county taxes as well?
anon 2:58,
I will double check but I do believe that the town gets a bill for school taxes and county taxes. It is up to the municipality to pay these bills which the town does. Question is does the town only exempt the town side portion of taxes that get sent out to one who gets an exemption? Great question! I'll have to research.
Have you found an answer to this question?
The town bills out everyone's tax bill. On the bill is the total taxes owed. ( they seperate the 4 categories) and the exemption comes off of the total value of your home. So it is possible to live "property tax free in NH". And in Derry where you have many housing options, it is possible. ( unlike lets say Windham who doesn't quite have the housing stock Derry does. Do you know what I mean?
If I understand your answer, any property exemption granted by the Town Council would also effectively increase the school and county tax rates???
anon 8:29,
You are correct! In fact it would be a tax shift. Others would have to make up the difference on the school and county sides. The criteria is from state law and local council controls the actual income limits, asset limits and value of exemption.
The information here is great. I will invite my friends here.
Thanks
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