RSA 72:81. Property Tax Exemption.

I. An eligible municipality may, by vote of the local legislative body pursuant to RSA 72:82, adopt a new construction property tax exemption for commercial or industrial uses, or both. The intent of the exemption is to provide incentives to businesses to build, rebuild, modernize, or enlarge within the municipality. The exemption shall apply only for municipal and local school property taxes assessed by the municipality which shall exclude state education property taxes under RSA 76:3 and county taxes assessed against the municipality under RSA 29:11, and shall be a specified percentage on an annual basis of the increase in assessed value attributable to construction of new structures, and additions, renovations, or improvements to existing structures, but which shall not exceed 50 percent per year. The exemption may run for a maximum period of 10 years following the new construction. II. Once adopted by the local legislative body, the percentage rate and duration of the exemption shall be granted on a per case basis based on the amount and value of public benefit as determined by the governing body either: (a) To all properties within the municipality; or (b) To a specific group or groups of parcels within the municipality as designated by the legislative body. III. For the purposes of this section, public benefit shall be defined by the local legislative body as part of the adoption of the property tax exemption. Source: Source. 2017, 179:2, eff. Aug. 28, 2017. 2019, 221:1, eff. July 12, 2019.