Bill > HB28

This bill modifies New Mexico's property tax valuation rules for agricultural land, specifically expanding the criteria for when land can be considered "resting" for tax purposes during drought conditions. Currently, land can be valued at agricultural rates when it is resting to maintain its production capacity or as a result of drought conditions designated by the United States Department of Agriculture. The bill adds that moderate drought conditions can also be designated by the New Mexico Department of Agriculture, a conservancy district, or a soil and water conservation district. These designations would allow landowners to maintain their agricultural property tax valuation if their land is resting due to drought, provided the drought conditions existed for at least eight consecutive weeks in the previous tax year and the land was primarily used for agricultural purposes in the year before the previous tax year. This change provides farmers and ranchers with more flexibility in maintaining their property's agricultural tax status during challenging environmental conditions, potentially offering financial relief during periods of drought.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=28&year=25