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May 2015 NH Property Tax Alert

Market Value.  Real estate must be valued at “market value,” and market value means “the property’s full and true value as the same would be appraised in payment of a just debt due from a solvent debtor.”  RSA 75:1.

Arms-length transaction.    An arm’s-length transaction is a transaction freely arrived at in the open market, unaffected by abnormal pressure or by the absence of normal competitive negotiation as might be true in the case of a transaction between related parties.  See Appeal of Lakeshore Estates, 130 N.H. 504, 508 (1988).

Also of note….

Homestead. Each person’s homestead in property in which he or she maintains a dwelling is exempt from attachment except in limited circumstances.  The amount of the homestead exemption is $100,000 and lasts for the lifetime of the owner and his or her surviving spouse.  RSA 480:1; 3-a.

Amazing but true….

The New Hampshire Supreme Court ruled last month that the odor of cat urine could constitute a “direct physical loss” under a homeowner’s insurance policy it was asked to interpret.  Mellin v. Northern Security Insurance Company (April 24, 2015).  The plaintiffs/claimants noticed a urine odor in about 2010, and surmised it entered their condominium unit from the downstairs unit through an open plumbing chase servicing the kitchen. The Epping building/health inspector examined the unit and informed the plaintiffs a health problem existed and that the odor was such the plaintiffs needed to vacate the unit to have a company terminate the odor. The remediation was unsuccessful. The plaintiffs could not lease the unit, and ultimately sold it at a price considerably less than for comparable condominiums unaffected by cat urine odor.  The Court ruled the plaintiffs were not required to demonstrate a “tangible physical alteration” to the unit or to prove that the unit was rendered permanently uninhabitable. Rather, to demonstrate a physical loss under the policy, they were required to establish a distinct and demonstrable alteration to the unit. The Court remanded the case to the superior court to apply this standard to the facts of the case.

Filed Under: New Hampshire Property Tax Alerts

The above information is for informational purposes only and does not constitute legal advice.

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