summary
Introduced
02/07/2025
02/07/2025
In Committee
Crossed Over
Passed
Dead
03/22/2025
03/22/2025
Introduced Session
Potential new amendment
2025 Regular Session
Bill Summary
AN ACT RELATING TO PROPERTY TAX; AMENDING AND ENACTING SECTIONS OF THE PROPERTY TAX CODE; PROVIDING THAT A LIMITATION ON INCREASES IN THE VALUATION OF RESIDENTIAL PROPERTY APPLIES TO CERTAIN PHYSICAL IMPROVEMENTS; REQUIRING AN AFFIDAVIT TO BE FILED WITH THE COUNTY ASSESSOR FOR THE TRANSFER OF CERTAIN REAL PROPERTY; EXCLUDING CERTAIN REAL PROPERTY TRANSFERS FROM THE REQUIREMENT TO FILE AN AFFIDAVIT; 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 TEMPORARY LIMITATIONS ON THE VALUATION OF NONRESIDENTIAL PROPERTY; 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; PROVIDING AN ADMINISTRATIVE PENALTY; DECLARING AN EMERGENCY.
AI Summary
This bill makes several significant changes to New Mexico's property tax laws. It introduces a temporary limitation on nonresidential property valuation increases, capping them at 12% per year from 2025 to 2037, with specific exceptions for new properties, physical improvements, and vacant land development. The bill increases the veteran property tax exemption from $4,000 to $10,000 starting in 2025 and provides for annual inflation adjustments thereafter. It modifies rules for disabled veteran property tax exemptions, allowing more flexibility in transferring exemptions between properties within the same tax year. The legislation also updates requirements for property transfer affidavits, removing some reporting mandates and introducing administrative penalties for non-compliance. Additionally, the bill increases the daily compensation for county valuation protests board members from $80 to $400, with future adjustments for inflation. The changes aim to provide tax relief, streamline property tax administration, and update exemption procedures, with most provisions taking effect for property tax years beginning on or after January 1, 2025.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
House Taxation & Revenue Committee (08:30:00 2/14/2025 Room 317) (on 02/14/2025)
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=H&legtype=B&legno=342&year=25 |
| House HTRC1 HB342 230731.2 Committee Amendment | https://www.nmlegis.gov/Sessions/25%20Regular/Committee_Subs_And_Amendments/HB0342TR1%20230731.2%20.pdf |
| Fiscal Note | https://www.nmlegis.gov/Sessions/25%20Regular/firs/HB0342.PDF |
| BillText | https://www.nmlegis.gov/Sessions/25%20Regular/bills/house/HB0342.pdf |
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