LONDONDERRY — Councilors approved updates to the town’s tax exemption policy for Londonderry’s blind, disabled and elderly residents.
At a meeting March 18, councilors approved exemption levels for those who qualify. The town has offered these exemptions on taxes since 1997.
For the elderly tax exemption policy, a resident must have been a New Hampshire resident for at least three years, own real estate jointly or individually, and if jointly must have been married at least five years.
The elderly taxpayer must also have a net income of not more than $39,600 if single or widowed, and not more than $48,800 if married. Taxpayers must have assets not more than $133,700, excluding the person’s property and home up to two acres.
Blind residents will now be eligible for up to a $50,000 reduction in their property valuation for tax purposes, up from the previous amount of $32,100.
Disabled residents can quality for the tax exemptions by living in the state for five years, owning real estate jointly or individually and, if jointly, must be married for at least five years.
The disabled exemption is now $98,900 off a taxpayer’s assesses property value.