Current Use Tax Status in New Hampshire
By Brin Realty Associates Team At Bean Group, Amherst NH homes and Southern NH real estate
(Bean Group | Brin Realty Associates)
Current Use Tax Status In New Hampshire New Hampshire has a reduced taxation status category for unimproved property (land) that is called “Current Use”. This pertains to property that is also referred to as “open space” The local officials set a reduced value on the land which then creates a much reduced annual real estate tax bill. The land needs to be a minimum of 10 contiguous acres. When a property owner wants to remove the property from “current use” status, there is a 10% penalty due. This is assessed on the current value at the time the property is removed from current use. The land use change tax rate is "10% of the full and true value" of the land that no longer qualifies The 10% land use change tax is not based upon the amount of taxes saved over the years in which the ...
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