Elderly

RSA 72:39-a & RSA 72:39-b: Elderly Exemption (as adopted by the Bedford Town Council)

Income and asset limits apply. Requires financial documentation to be verified by the Bedford Assessors Office.

ELDERLY EXEMPTION ASSESSSED VALUE ALLOWANCES 
(amounts deducted from total assessed value) UPDATED 2024
AGE 
as of April 1 of the application year
ASSESSED VALUE DEDUCTION 
as of the 2024 tax year
PREVIOUS VALUE DEDUCTION 
2018-2023
65-74
$117,100
$90,100
75-79
$124,900
$96,000
80+
$184,100
$141,600

Exemption applications must be filed or postmarked by April 15 of the application year. This is a statutory deadline with no exceptions. The application is permanent as long as applicants own their homes or until their financial circumstances change. The Assessor will review your application during subsequent tax years (5-year cycles) to determine the continuation of eligibility.  Assessing Staff must be notified if a recipeint no longer qualifyies due to changes in income or assets (subject to all applicable laws and penalties).  

The Bedford Assessors Office HIGHLY recommends calling ahead to schedule an appointment to review application documents and discuss questions: (603) 472-8104.

  1. The applicant shall be a New Hampshire resident for at least three (3) years preceding April 1st of the application year.

The applicant's net income from all sources (including Social Security) shall not exceed:

  1. Single:    $58,320
  2. Married:  $78,880   
    * Figures are based on 4 times the 2023 Federal Poverty Level (amount subject to change annually).
  • An applicant's net assets shall not exceed $150,000, excluding the value of the person's actual residence. Net assets include the value of all assets, tangible and intangible, minus the value of all good faith encumbrances. An asset is everything you own i.e.: car, furniture, jewelry, stocks, bonds, savings/checking accounts, tools/equipment, etc. Residence means the property contaning the housing unit, and related structures, which is the person's principal home.
  • Additional requirements for an elderly exemption under RSA 72:39-b are as follows: 
  1. Owned by the applicant; or  
  2. Owned by the applicant jointly or in common with the resident's spouse, either of whom meets the age requirement for the exemption claimed.
  3. Owned by the applicant joint or in common with a person not the applicant`s spouse or civil union partner, if the applicant meets the applicable age requirements for the exemption claimed. 
  4. Owned by the applicant's spouse who meets the age requirement for the exemption claimed, provided the spouce has been married to the applicant for at least five (5) years.

Income Sources:

  • Dividend/interest income

  • Social Security

  • Rental income

  • Support from others

  • Retirement/pension payments

  • 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 the sale of assets

Documentation
Applicants shall provide a copy of Federal and State income Tax returns from the previous year.  

The review of bank accounts, investment funds, retirement accounts, etc. is also required.

Assets:
Net Assets (excluding the value of your actual residence) may not exceed $150,000. 
This includes:

  • Checking accounts

  • CDs

  • Savings accounts

  • Additional real estate

  • Stocks

  • Cars

  • Bonds

  • Expensive jewelry

  • IRAs



Land as an Asset
The greater of up to two acres or the minimum zoning lot size for a residence in your zoning district shall not be included as an asset. The remainder of land shall be included in the $150,000 asset limit at the land's fair market value (not the current assessed value). 

More information on credits and exemptions can be found HERE. To reach the Bedford Assessor's office, please call us during normal business hours: (603) 472-8104 

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.