summary
Introduced
01/29/2025
01/29/2025
In Committee
Crossed Over
Passed
Dead
03/22/2025
03/22/2025
Introduced Session
2025 Regular Session
Bill Summary
AN ACT RELATING TO PROPERTY TAX; AMENDING AND ENACTING SECTIONS OF THE PROPERTY TAX CODE; AMENDING CERTAIN PROPERTY TAX EXEMPTIONS FOR VETERANS TO REFLECT CHANGES MADE TO THE EXEMPTIONS PURSUANT TO CONSTITUTIONAL AMENDMENTS APPROVED BY VOTERS AT THE NOVEMBER 5, 2024 GENERAL ELECTION; PROVIDING THAT PROPERTY TAX EXEMPTIONS FOR A DISABLED VETERAN OR DISABLED VETERAN'S SURVIVING SPOUSE MAY BE TRANSFERRED IN THE SAME TAX YEAR BY WRITTEN REQUEST TO THE COUNTY ASSESSOR; PROVIDING THAT A LIMITATION ON INCREASES IN THE VALUATION OF RESIDENTIAL PROPERTY APPLIES TO CERTAIN PHYSICAL IMPROVEMENTS; PROVIDING AN ADMINISTRATIVE PENALTY FOR THE FAILURE TO REPORT IN A TIMELY MANNER AFFIDAVITS FOR PROPERTY TRANSFERS; REMOVING THE REQUIREMENT THAT A FORM DECLARING A PROPERTY AS RESIDENTIAL BE MAILED TO THE PROPERTY OWNER; AMENDING FORM REQUIREMENTS FOR NOTICES OF VALUATION SENT TO PROPERTY OWNERS; INCREASING THE RATE OF PAY FOR COUNTY VALUATION PROTESTS BOARD MEMBERS AND ADJUSTING IT FOR INFLATION; CLARIFYING REVENUE STREAMS OF THE COUNTY PROPERTY VALUATION FUND; PROVIDING AN ADMINISTRATIVE PENALTY; DECLARING AN EMERGENCY.
AI Summary
This bill updates several provisions related to property tax exemptions and valuations in New Mexico, with a primary focus on veterans' property tax benefits. Specifically, the bill increases the veteran property tax exemption from $4,000 to $10,000 starting in 2025 and establishes an annual inflation adjustment mechanism for future years. It clarifies and expands disability-related exemptions for veterans, allowing disabled veterans to transfer their property tax exemption more flexibly between properties within the same tax year. The bill also modifies several administrative procedures, such as removing requirements to mail certain forms to property owners, increasing pay for county valuation protests board members, and establishing administrative penalties for late reporting. Additionally, the bill adjusts how physical improvements to property are treated for valuation purposes, particularly for properties rebuilt after a declared state disaster. The changes aim to provide more generous and flexible tax relief for veterans while also streamlining property tax assessment and reporting processes. The bill includes provisions to take effect immediately and applies to property tax years beginning on or after January 1, 2025, with some provisions specific to 2026 and beyond.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Sent to STBTC - Referrals: STBTC/SJC (on 01/29/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=192&year=25 |
| Fiscal Note | https://www.nmlegis.gov/Sessions/25%20Regular/firs/SB0192.PDF |
| BillText | https://www.nmlegis.gov/Sessions/25%20Regular/bills/senate/SB0192.pdf |
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