Property tax in New Mexico

“value is limited to 3 percent greater than the assessed value in the prior year. Simply put, the taxable value of a residential property cannot grow by more than 3 percent each year. … When a home is sold, the valuation is reset to market value.”

“New Mexico offers a $2,000 Head of Family property tax exemption … $2,000 in 1993 is worth about $4,500 today”

“the standard property tax exemption for all veterans who own property increased from $4,000 to $10,000, adjusted annually for inflation, as authorized by the Constitutional amendment and legislation. … Veterans seeking the standard or disabled veteran property tax exemption should contact NMDVS to obtain a certificate of eligibility. Once issued, veterans can file the certificate with their local county assessor to have the exemption applied to their property.”

“These laws allow partially disabled veterans to receive prorated property tax exemptions based on service-connected disability rating, effective 2026. Previously, only 100% disabled veterans qualified for a full exemption. This is the first year all disabled veterans are eligible to claim a prorated tax exemption on their primary residence. … Veterans seeking the standard or disabled veteran property tax exemption should contact NMDVS to obtain a certificate of eligibility. Once issued, veterans can file the certificate with their local county assessor to have the exemption applied to their property.”

“GENERAL – This application is for the current tax year only and is based on the previous year’s income. An owner who has claimed and been allowed the limitation of value for the three previous consecutive tax years need not claim the limitation for subsequent tax years if there is no change in eligibility. (1) AGE: The applicant must be age 65 years or older, or disabled during the year in which the application is made. … (2) OCCUPANCY: Applicant must be the owner and occupant of the property for which the application is being submitted. … (Part II) INCOME: The previous year’s modified gross income must be $44,200 per year or less (below). … This applies to the total combined income of the taxpayer and his/her spouse and dependents. … A. The valuation for property taxation purposes of a single-family dwelling owned and occupied by a person who is sixty-five years of age or older or disabled and whose modified gross income for the prior taxable year did not exceed the greater of thirty-five thousand dollars ($35,000) or the amount calculated pursuant to Subsection F of this section shall not be greater than the assessed valuation of the property for property taxation purposes: (1) for a person sixty-five years of age or older in the tax year in which the owner qualifies and files an application”