The assessing officials may annually grant a person qualified under this paragraph a tax deferral for all or part of the taxes due, plus annual interest at 5 percent, if in their opinion the tax liability causes the taxpayer an undue hardship or possible loss of the property. The total of tax deferrals on a particular property shall not be more than 85 percent of its equity value. The total of tax deferrals shall be determined by the following formula:
Assessed Value = Equalized Assessed Value
Equalization Ratio
Equalized Assessed Value - Total of Priority Liens = Equity Value
Equity Value X .85 = Total Amount Which May be Deferred
At any time during the tax deferral process, the governing body may consider an abatement pursuant to RSA 76:16.
RSA 72:38-a
1973, 452:1. 1975, 214:1. 1977, 54:1; 591:1-3. 1981, 374:1. 1983, 155:3. 1994, 390:1. 1995, 265:7. 1997, 37:1. 2003, 299:12, eff. April 1, 2003; 299:13, eff. April 1, 2005. 2013, 141:1, eff. Jan. 1, 2014.