New Hampshire Revised Statutes 72:23-g – Letitia Pratt Foundation, Inc
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Hampshire Revised Statutes 72:23-g
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Personal property: All property that is not real property.
- real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
The real estate and personal property of Letitia Pratt Foundation, Inc., a nonprofit corporation providing community housing for physically disabled and elderly persons, if none of the income or profits of the community housing is used for any purpose other than the purpose for which the housing is established, shall be exempt from taxation. For the purpose of this section an elderly person is one who is 62 years or more of age. The age of the head of the family determines the eligibility of the family unit in the community housing. On or before December 1 of each year the owner of the community housing shall pay to the town or city in which the property is situated, in lieu of taxes, a sum representing 10 percent of the shelter rent received by the owner during the preceding calendar year. For cause shown, having in mind the nature and purpose of the corporation, the board of tax and land appeals may abate all or a portion of the payment in lieu of taxes in any year. The owner shall on or before June 1 of each year file with the municipality in which the property is located, upon a form prescribed and provided by the board of tax and land appeals, a statement of its financial condition for the preceding fiscal year and such other information as the board of tax and land appeals requires.