Elderly

Exemptions for the elderly are covered in Chapter 72:39-a of the statute adopted by the Bedford Town Council.
Elderly Exemption applications can be found here.

Age Requirement


Applicant must be 65 years old before April 1 of the tax year for which the application is being made.

Income Requirement


Income cannot exceed $47,500 per year if single, or $64,100 married. Income includes:
  • Dividend/interest income
  • Rental income
  • Retirement/pension payments
  • Social security
  • Support from others
  • Wages
The following is not counted as income:
  • Expenses and costs incurred in the course of conducting a business enterprise
  • Life insurance paid on the death of an insured
  • Proceeds from sale of assets

Documentation


You may be asked to provide a copy of your Federal and State income Tax returns.

Assets


Net Assets (excluding the value of your actual residence) may not exceed $150,000. This includes:
  • Bonds
  • Cars
  • CDs
  • Checking accounts
  • Expensive jewelry
  • IRAs
  • Other real estate
  • Savings
  • Stocks

Land as an Asset


You can exclude the greater of up to two acres, or the minimum zoning lot size for a residence in your zoning district. The remainder of the land is included in the $150,000 limit at the fair market value and not the assessed value. “Net Assets” means the value of all assets tangible and intangible, minus the value of any good faith encumbrances.

Residential Requirements


You must have resided in the state for at least 3 years and owned your home individually or jointly on April 1st in the tax year for which you are applying. If the real estate is owned by your spouse, you must have been married for at least 5 years.

Applications for Exemption


Applications (PDF) must be filed by April 15 and not afterwards for current year. The application is permanent as long as you own your home or until your financial circumstances change. The Assessor(s) may review your application during subsequent tax years to determine continuation of eligibility. You must notify the Assessing Staff if you no longer qualify because of changes in income or assets.

Exemption Amounts

Age (as of April 1 of current tax year)
Amount
65-74 $76,350
75-79 $81,350
80+ $120,000
The amount of the exemption is subtracted from the total assessment before the rate is applied. The exemption amount is set by the Town Council.