What is a homestead exemption?

A homestead exemption is a type of property tax break that is available to New Hampshire residents that own a principal residence. It exempts a portion of the appraised value of a home from property taxes. This exemption is able to help families who are looking to lower their property tax bills. To be eligible for the homestead exemption, the homeowner must be a full-time New Hampshire resident and must have owned the property on April 1st of the tax year. In addition, the property must be used only as a primary residence. The homestead exemption is based on the assessed value of a home. New Hampshire allows up to $50,000 of the appraised value of a home to be exempted from property taxes. For example, if a homeowner has an assessed value of $150,000 on their primary residence, then they are eligible for the homestead exemption. This would mean that the homeowner would only be taxed on $100,000 of their assessed value, or $50,000 would be exempted from their taxes. In New Hampshire, the homestead exemption is an important way for homeowners to lower their property tax bills. It is important, however, to note that the homestead exemption is not available to all property owners in the state. It is only available for those who meet the eligibility requirements.

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