Elderly
Exemptions for the elderly are covered in Chapter 72:39-a of the statute adopted by the Bedford Town Council.
Elderly Exemption application can be found HERE.
Applicant must be 65 years old before April 1 of the tax year for which the application is being made.
For 2020 elderly exemption applications, income cannot exceed $49,960 per year if single, or $67,640 if married. Income includes:
You may be asked to provide a copy of your Federal and State income Tax returns.
Net Assets (excluding the value of your actual residence) may not exceed $150,000. This includes:
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.
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 (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.
Elderly Exemption application 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
For 2020 elderly exemption applications, income cannot exceed $49,960 per year if single, or $67,640 if married. Income includes:
- Dividend/interest income
- Rental income
- Retirement/pension payments
- Social security
- Support from others
- Wages
- 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 | $90,100 |
| 75-79 | $96,000 |
| 80+ | $141,600 |
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.