HB1417

New Hampshire HB1417 allows municipalities to adopt a land value tax system, assessing land and improvements separately.

New Hampshire HB1417 enables municipalities to implement a land value tax (LVT) system, where land and improvements are assessed and taxed separately. The bill outlines procedures for municipalities to adopt LVT, including public hearings, fiscal impact statements, and legislative votes. It specifies that land value is taxed at a higher rate than improvement value in a split-rate system, or at a zero rate in a pure land tax. The bill also mandates annual updates to land value assessments, data transparency, and the establishment of a circuit breaker for low- and moderate-income taxpayers.