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Committee directs staff to draft major increases to property tax exemptions and veterans credits amid 60% residential revaluation
Summary
City Assessor Dan Lindo told the committee Keene's revaluation shows an average 60% increase in residential values; the committee asked staff to draft resolutions raising many exemptions roughly 65%, readopting the solar exemption with net-metering, and to set veterans credits at newly recommended amounts, including researching an optional combat-service credit.
City Assessor Dan Lindo told Keene's finance, organization and personnel committee that the city is in the middle of a revaluation that is showing steep residential value increases and recommended raising several property tax exemptions by about 65% to help protect lower-value and elderly homeowners.
"We're looking at around at least on average a 60% increase in the residential market," Lindo said, and added that "we're recommending about a 65% increase" in exemption amounts so that taxpayers who would otherwise see large assessment increases are less likely to face sharply higher tax bills.
Lindo explained exemptions reduce assessed value (examples: deaf, blind, elderly, disabled) while credits reduce the tax bill. He told the committee the combined implementation of the proposed exemption increases would represent roughly $8 million in additional assessed value affected. He also recommended readopting the solar exemption to explicitly include net metering under recent law changes; Keene Housing is exploring a net-metering project that the readoption would accommodate.
After a line-by-line review and procedural discussion about timing, the committee moved to recommend that the city manager direct staff to draft resolutions with the following exemption amounts and limits: deaf (severely hearing impaired) exemption $55,000; blind exemption $30,000; elderly 65—9 to 75 years $55,000; elderly 75 to 79 years $75,000; elderly 80-plus $100,000; disabled exemption $55,000. Income limits were set for deaf/elderly/disabled exemptions at single $40,000 and married $60,000; asset limits at single $75,000 and married $110,000. The committee approved the motion unanimously and asked staff to prepare formal resolutions for council consideration.
On veterans credits, committee members confirmed there are no state income or asset limits for those credits. The committee recommended optional veterans credit $450, all-veterans credit $450, and service-connected disabled veteran credit $4,500. A committee member moved to amend the veterans-credit motion to include researching an optional combat-service credit (referenced in the meeting as —7228C— or —7220 C—); the amendment was seconded and approved. Staff will research statutory details and return with recommended draft language.
Committee members and staff noted timing constraints: the council will be on break over much of the summer, staff must finalize revaluation numbers and set a tax rate, and formal council action on resolutions is expected later in the summer or early fall. The committee's direction was to have staff draft the resolutions consistent with the guidance provided and to return with final proposed language and any clarifications to statutory citations.
