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If this passes at the 2024 town meeting, it will be much easier for Hampton taxpayers over the age of 65 to get a substantial reduction to their bi-annual property tax bill.
The town will argue that the burden will be placed on others, however that is not completely factual. You see they are planning for a townwide revaluation of property in 2024 (they have already started the process) and this will most likely decrease the overall tax rate, however property values will most likely increase, therefore raising property tax bills.
Property owners will be paying the rate more times over due to the increased assessed value of their property.
Where in the NH constitution does it state assessed value shall equal the current market value?
If the market crashes, will the assessed property values decrease? I think not.
Rhe current "revaluation" process and how it is actually in conflict with the NH constitution will be brought up during the December 11, 2023, Board of Selectmen public comment period. Please watch.
The good news is, that the selectmen can offset the town portion of the rate by reduced spending in 2024 as well as offsetting future taxes to be raised with taxpayer money that has not yet been spent, referred to as the unassigned fund balance. The other pieces of the rate (local ed, state ed, and county) can also be offset by their own reduced spending in 2024.
If this article passes at the town meeting vote on March 12, 2024, it will lighten the blow tremendously for Hampton, NH taxpayers who meet the new requirements and are age 65 and older. If voters will not be here in March, they should obtain an absentee ballot at the Hampton Town clerk's office.
Citizen, non bond petitioned articles are due into the selectmen by January 9, 2024. All signers of this petition must be registered voters of Hampton, NH.
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