Keeping in line with housing values, certain exemption allowances will be decided at Town Meeting.

At the Wednesday, May 14, meeting, voters will decide articles 24, 25 and 26 that seeks to modify property tax exemptions for the elderly, disabled and legally blind.

“If the value of the house goes up and you’re only exempted for less, then your tax bill jumps up,” said Town Manager Jim Pitts. “We’re talking about elderly with no assets and low income, and it’s a significant hit. What we do is amend the exemptions upwards by the percentage the average home value increased.”

Pitts said the average home value increased by 30 percent, which is the percentage used to determine the exemptions.

If the articles are passed, a resident between the ages of 65 and 74 would have an exemption of $117,000; between 75 and 79, the amount is $143,000 and a person 80 years or older, $169,000, if they fall within certain financial requirements.

A disabled resident who is eligible under Title II or Title XVI of the federal Social Security Act who makes no more than $38,500 would receive an exemption of $143,000 as long as their assets do not exceed $200,000, if Article 25 passes.

If Article 26 passes, a legally blind resident will receive a property exemption of $75,000.

Article 13 asks residents to approve $45,000 for a cycled property valuation update, and Pitts said the town will now be changing the way it performs its revaluation. Currently, Bow had been revaluing its property every five years, but the new system will revalue 25 percent of the property every year and then estimate all of the town’s properties, according to Pitts.

“If they go up, they’ll go up to a lesser extent every five years. People have suffered through large spikes because the values went up so fast. This will be more gradual,” said Pitts.

The process of making the switch took about two years, and though Pitts said the change will benefit residents during difficult economic time, it was not changed for that reason.

“It’s not due to what’s going on in the economy now because we started working on this before things went south,” said Pitts. “It has the effect of recognizing changes in the economy much more rapidly, but it’s not a reaction to what’s going on now. However, with what’s going on now, people will certainly benefit.”