HB1380

New Hampshire HB1380 mandates property tax assessments based on replacement or cost-based value, not fair market value.

HB1380 requires New Hampshire municipalities to assess real property and land based on replacement or cost-based value instead of fair market value. The bill outlines a transition period for the 2027 tax year, blending the old and new assessment methods. For the first half of 2027, assessments will be 50 percent fair market value and 50 percent replacement or cost-based value. For the second half, assessments will be 25 percent fair market value and 75 percent replacement or cost-based value.