relative to enabling municipalities to adopt a homestead property tax exemption.

HB 1034 allows towns and cities in New Hampshire to create their own homestead property tax exemptions for residents who own their primary home. Under this bill, municipalities would set a fixed dollar amount for the exemption each year, but the total discount cannot exceed 35% of the average assessed value of residential property in that town. The law defines eligible properties as those owned by a resident or their spouse and includes specific rules for how applications are filed and how disputes are handled through appeals. Additionally, the bill updates existing tax laws to clarify that people who hold property in a revocable trust are considered owners for the purpose of claiming these exemptions. The changes would officially take effect on April 1, 2025.