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Originally Posted by Island Lover
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I have re-read it carefully but it still looks like all real estate EXCEPT Primary Residential will have its tax doubled. Paragraph II is the definition of what is to be excepted.
Unless there is something not posted that changes the meaning, then I don't understand.
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It is easy to get confused by this bill, a fact I think the sponsors are hoping for!
You need to realize that there is a significant difference between property that is used as a primary residence, and the primary residence of the owner of record (the taxpayer). This bill addresses and exempts the primary residence of the taxpayer, and doubles the taxes on resdiential properties that same taxpayer owns that is not his primary residence.
Example: I own a house in Nashua that I claim as my primary residence. This bill does nothing to change the tax status of my house in Nashua. Also I am the owner of record (and taxpayer) of a second home located on Lake Winnipesaukee. Since I am the taxpayer on this second property but it is not my primary residence (I can only claim one primary residence) then under this bill the property taxes for this second home will be doubled, with the additional funding going to the Educational Fund.
The exclusion in paragraph II is not for "primary residences" but only for the primary residence of the taxpayer.
The example also applies to out of State residents that have a primary residence in another State but a second home here in New Hampshire. They would be taxed double on their second home here in New Hampshire.
And for the record I believe this bill is just plain stupid! Thank God the Ways & Means Committee has buried it for this year, giving everyone plenty of time to let the Committee and their local legislators know what a crazy proposal this is!