Bill Text: NH HB433 | 2024 | Regular Session | Introduced
Bill Title: Providing that property tax exemptions granted prior to a home sale shall not be applied to the new homeowner.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced) 2024-01-03 - Inexpedient to Legislate: Motion Adopted Voice Vote 01/03/2024 House Journal 1 P. 64 [HB433 Detail]
Download: New_Hampshire-2024-HB433-Introduced.html
HB 433-FN - AS INTRODUCED
2023 SESSION
23-0350
02/08
HOUSE BILL 433-FN
SPONSORS: Rep. Post, Hills. 42; Rep. J. Harvey-Bolia, Belk. 3; Rep. B. Boyd, Hills. 12
COMMITTEE: Municipal and County Government
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ANALYSIS
This bill provides that property tax credits and exemptions expire on the date that a transfer of the property is filed with the registry of deeds. The new owner shall be responsible for the difference between the regular tax rate on the property and the amount billed to the person entitled to the exemption, for that portion of the tax year attributable to the new owner.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
23-0350
02/08
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Expiration of Property Tax Credits and Exemptions. Amend RSA 72 by inserting after section 34-b the following new section:
72:34-c Expiration of Property Tax Credits and Exemptions. Upon filing a real estate transfer with the registry of deeds, a property tax credit or exemption under RSA 72:28, 28-a, 28-b, 28-c, 29-a, 30, 31, 32, 35, 36-a, 37, 37-a, 37-b, 38-a, 39-a, 39-b, or 41 shall expire. The new owner of the property shall be responsible to the municipality to pay the difference between the amount which would have been due in taxes on the property but for the credit or exemption and the amount actually billed to the person entitled to the credit or exemption, for that portion of the tax year attributable to the new owner.
2 Effective Date. This act shall take effect April 1, 2024.
23-0350
1/3/23
HB 433-FN- FISCAL NOTE
AS INTRODUCED
FISCAL IMPACT: [ ] State [ ] County [ X ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
LOCAL: | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
Revenue | $0 | Indeterminable | Indeterminable | Indeterminable |
Expenditures | $0 | $0 | $0 | $0 |
METHODOLOGY:
This bill provides that property tax credits and exemptions expire on the date that a transfer of the property is filed with the registry of deeds. The new owner shall be responsible for the difference between the regular tax rate on the property and the amount billed to the person entitled to the exemption, for that portion of the tax year attributable to the new owner. Depending on when the property transfer occurs, the additional payment of taxes will either result in a tax burden shift during tax rate setting or an indeterminable increase in revenues to municipalities.
AGENCIES CONTACTED:
Department of Revenue Administration
