Age is not the only criteria one must meet in order to qualify for an elderly exemption. On March 17, 2009, the Mayor and City Council adopted a resolution and set the parameters of the elderly exemption. As part of this resolution, they set both income and asset limitations. Income for a single person cannot exceed $18,900 per year while the combined income for a married couple cannot exceed $26,400 per year. These figures include all sources of income excluding proceeds from the sale of assets, expenses and costs incurred in the course of conducting a business enterprise, and life insurance benefits paid on the death of an insured.
Assets cannot exceed $35,000 excluding the value of a person’s residence and land upon which it is located (up to two acres). The City of Berlin's Board of Assessors needs to verify that every applicant meets the guidelines before granting an exemption. The taxpayer must provide supporting documentation as noted on the questionnaire. The taxpayer must also have been a New Hampshire resident for at least five years, own the real estate individually or jointly, or if the real estate is owned by such person’s spouse - they must have been married for at least five years.
Exemption amounts are as follow (age is as of April 1 of the tax year):
- Age 65-74: $14,000 exemption
- Age 75-79: $21,000 exemption
- Age 80+: $42,000 exemption
(See NH RSA 72:39-a)