Elderly Exemption

Elderly Exemption

The town of Bow offers an elderly exemption to those who qualify. Read the below requirements to learn more. To file an exemption with the town fill out the Elderly Exemption Application and Permanent Application PA-29  and submit to the Assessing Department. 

1. The applicant must be 65 years of age on or before April 1st in the year they are applying for the exemption.
2. The applicant must have been a New Hampshire resident for three consecutive years prior to April 1.
3. The applicant must have owned the residence by April 1 individually or jointly, or if the residence is owned by a spouse, they must have been married for at least five years.
4. If the applicant received a transfer of real estate from a person under the age of 65, related to him by blood or marriage, within the preceding 5 years, no exemption shall be allowed. RSA 72:40-a, Limitations.
5. A single applicant must have a net income of less than $38,500. If married, a combined net income of less than $50,000.
6. The applicant, can not have assets in excess of $200,000, excluding the value of the dwelling.
7. The applicant, meeting the above statute requirements, will receive the following exemptions:
   $122,000 Valuation Reduction (65-74 Years of Age)
   $153,000 Valuation Reduction (75-79 Years of Age)
   $184,000 Valuation Reduction (80 or More Years of Age)
8. If your income or asset level changes and you no longer qualify for the exemption, you are obligated by law to advise the Assessing Department.
9. If your property is held in a trust, you must supply a copy of the trust instrument and submit a PA-33 must be completed and submitted with documents. (All documents submitted shall be handled to protect the privacy of the applicant).
10. Notify the Assessor’s Office of any change of address

Applications must be received by April 15th.