Bill > HB103

This bill amends existing law to limit how much the valuation of residential property can increase each year for property tax purposes, with a specific exception: this limitation will *not* apply if the zoning of the property has changed in the year prior to the tax year for which the value is being determined. The bill also clarifies that this change applies to property tax years beginning on or after January 1, 2026. The existing law already had a cap on annual valuation increases, but this amendment removes the protection of that cap when zoning changes occur, meaning properties with zoning changes could see a larger jump in their assessed value for tax purposes.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=103&year=26