City Council Increases Income Limits for Elderly and Disabled Property Tax Exemptions. Deadline is April 15, 2024

The Portsmouth City Council recently voted to increase the income limits for both the elderly and disabled property tax exemptions. Income limits for both exemptions will increase from $50,137 to $54,000 for single taxpayers and from $68,598 to $70,793 for married couples. Total assets for both exemptions will remain at $500,000 whether single or married.

If qualified, the City exempts $235,000 from the assessed valuation of the primary home of residents ages 65 through 74; $285,000 for residents ages 75-79; and $335,000 for those 80 and older. Residents must have lived in New Hampshire for the past three years. The elderly exemption is not retroactive.

The City also exempts $235,000 from the assessed value of the principal place of residence to any person eligible under Title II or Title XVI of the federal Social Security Act for benefits to people with disabilities, and who has been a resident of New Hampshire for the past five or more years. The disabled exemption is not retroactive.

Income limits are based upon earnings during the prior calendar year. Examples of income include but are not limited to wages, self-employment earnings, pensions, annuities, rentals, interest, dividends, and Social Security benefits. Copies of a taxpayer’s prior year 1040 Federal Tax Return and Schedules are required along with any State Interest and Dividend documentation, if applicable.

Total assets include but are not limited to savings and checking accounts, stocks and bonds, CDs and money market accounts, vehicles, household goods, antiques, jewelry, and furs. Anything that can be sold for cash is an asset. Assets also include all real property located in-state or out, except for the value of the residence on which the exemption is claimed. If real estate in addition to the residence is owned, its fair market value, not the assessed valuation, is the determinant.

Applications for Elderly and Disabled exemptions are due to the Assessor’s Office no later than April 15, 2024, to receive the exemptions for the December 2024 tax bill. For more

information, to receive an application, or assistance, residents should contact the City Assessor’s Office at (603) 610-7249 or go to: portsnh.co/assessors.