A buyer's agent in New Hampshire is representing Chen, who is under contract to purchase a 75-acre wooded parcel enrolled in the Current Use program. Chen plans to build a single-family home on 5 acres and leave the remaining 70 acres forested. The agent correctly advises Chen about the land use change tax. Which additional Current Use-related issue should the agent most importantly raise with Chen before closing?
Correct Answer
A) The 70 acres Chen retains as forested land may remain in or be re-enrolled in Current Use, but the 5 acres used for the home site will be subject to the land use change tax
Under RSA Chapter 79-A, only the portion of land actually removed from Current Use is subject to the land use change tax. Chen's plan to build on 5 acres will trigger the land use change tax on those 5 acres at 10% of their full market value. The remaining 70 acres, if they continue to meet Current Use eligibility requirements (minimum acreage and use criteria), may remain enrolled or be re-enrolled in the program. The agent should advise Chen to consult with the local assessing officials about re-enrollment of the retained acreage.
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