Tax Deferral For Elderly & Disabled (Chapter 72:38-A)
Tax deferral for elderly and disabled applications can be found here.
The Town Council or Assessor may annually grant a person qualified under this paragraph a tax lien for all or part of the taxes due, plus annual interest at 5%, if in their opinion the tax liability causes the taxpayer an undue hardship or possible loss of the property. The total of tax liens on a particular property shall not be more than 85% of its equity value. There are income and asset limits in order to qualify for this deferral (as follow):
- Assets cannot exceed $40,000.
- Income cannot exceed $21,700 single or $29,200 married.
- You must be at least 65 years of age, or eligible under Title II or Title XVI of the federal Social Security Act for benefits for the disabled.
- You must be living in the home, and you must have owned the home for at least 5 consecutive years to qualify as a senior applicant or at least one year as a disabled applicant.
Exemption For The Disabled (Chapter 72:37-B)
Any person who is eligible under Title 2 or Title 16 of the federal Social Security Act for benefits to the disabled shall receive a yearly exemption in the amount of $52,000. The exemption may be applied only to property that is occupied as the principal place of abode by the disabled person. The exemption may be applied to any land or buildings appurtenant to the residence or to manufactured housing if that is the principal place of abode.
- Assets cannot exceed $150,000.
- Income cannot exceed $47,080 single or $63,720 married.
Exemption for the Disabled applications can be found here. Application filing dates, and further descriptions of income and assets are identical to the Elderly Exemption(s) listed above. However, there is a 5 year residency requirement attached to this exemption. For further information, please contact the Assessor's Office.