Elderly Exemption
The Elderly Exemption is based on income and assets. You need to be a resident in NH for 3 consecutive years and 65 by April 1st of the previous year. For married couples the income can’t exceed $40,000 and assets can’t be more than $70,000, not including the home. For a single resident the income can’t exceed $30,000 with a $70,000 asset limit, not including the home.
To apply you will need to wait for January and will need all your tax information along with 3 months of bank statements. The due date for applications is April 15th in the tax year applied. The financial worksheet is attached to the application.
If you have already been approved for a credit or exemption, you do not need to reapply.
The law does require that we verify information every five years to comply with the NH certification process. At least once every five years you will be asked to recertify and provide updated information. You must respond to these requests in order to maintain your exemption or credit status.