NH's 'Current Use' tax program (RSA 79-A):
Correct Answer
B) Allows qualifying undeveloped land (farm, forest, wetland) to be assessed at current use value rather than market development value, with a land use change tax if withdrawn
NH's Current Use program (RSA 79-A) significantly reduces property taxes on qualifying undeveloped land including farm, forest, and wetland parcels of 10 or more acres (or smaller parcels with at least $2,500 in annual farm income). If land is taken out of current use for development, a land use change tax (LUCT) of 10% of full assessed value applies. The program does not permanently exempt land from taxes, and the LUCT is a key feature agents must understand.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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