requiring the assessment of real property and land be based on replacement or cost-based value.

HB 1380, the "Replacement Value Property Assessment Act," changes how property taxes are calculated in New Hampshire by requiring assessments to be based on replacement or cost-based value (not current market value) for both buildings and land. It affects all property owners and municipalities, implementing a phased transition: 2026 assessments use a 50/50 blend of old and new methods, shifting to 25% market value/75% cost-based value in 2027, and fully adopting cost-based assessments starting in 2028. The bill includes revenue neutrality rules (municipalities cannot raise total tax revenue solely from this change) and establishes appeal processes for property owners. It takes effect July 1, 2026, with annual reporting on assessment impacts required starting in 2028.