New Mexico 2025 Regular Session

New Mexico House Bill HB47 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	~~HTRC/HGEIC/HB 47/ec~~
2		-	~~Page 1~~
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	28	+	HOUSE BILL 47
	29	+	57
	30	+	TH LEGISLATURE
	31	+	-
	32	+
	33	+	STATE
	34	+
	35	+	OF
	36	+
	37	+	NEW
	38	+
	39	+	MEXICO
	40	+
	41	+	-
	42	+	FIRST SESSION
	43	+	,
	44	+
	45	+	2025
	46	+	INTRODUCED BY
	47	+	Art De La Cruz
28	48		AN ACT
29	49		RELATING TO PROPERTY TAX; AMENDING CERTAIN PROPERTY TAX
30	50		EXEMPTIONS FOR VETERANS TO REFLECT CHANGES MADE TO THE
31	51		EXEMPTIONS PURSUANT TO CONSTITUTIONAL AMENDMENTS APPROVED BY
32		-	VOTERS AT THE NOVEMBER 5, 2024 GENERAL ELECTION; AMENDING A
33		-	SECTION OF THE PROPERTY TAX CODE REGARDING CLAIMING
34		-	EXEMPTIONS; DECLARING AN EMERGENCY.
	52	+	VOTERS AT THE NOVEMBER 5, 2024 GENERAL ELECTION; EXPANDING THE
	53	+	DEFINITION OF "VETERAN" IN ONE OF THE EXEMPTIONS.
35	54		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
36	55		SECTION 1. Section 7-37-5 NMSA 1978 (being Laws 1973,
37	56		Chapter 258, Section 38, as amended) is amended to read:
38	57		"7-37-5. VETERAN EXEMPTION.--
39		-	A. An amount as provided in Subsection B of this
40		-	section of the taxable value of property, including the
41		-	community or joint property of married individuals, subject
42		-	to the tax is exempt from the imposition of the tax if the
43		-	property is owned by a veteran or the veteran's unmarried
44		-	surviving spouse if the veteran or surviving spouse is a New
45		-	Mexico resident or if the property is held in a grantor trust
46		-	established under Sections 671 through 677 of the Internal
47		-	Revenue Code of 1986, as those sections may be amended or
48		-	renumbered, by a veteran or the veteran's unmarried surviving
49		-	spouse if the veteran or surviving spouse is a New Mexico
50		-	resident. The exemption shall be deducted from the taxable
51		-	value of the property to determine the net taxable value of HTRC/HGEIC/HB 47/ec
52		-	Page 2
	58	+	A. [Up to four thousand dollars ($4,000) ] An amount
	59	+	as provided in Subsection B of this section of the taxable
	60	+	value of property, including the community or joint property of
	61	+	[husband and wife] married individuals , subject to the tax is
	62	+	exempt from the imposition of the tax if the property is owned
	63	+	.229338.3 underscored material = new
	64	+	[bracketed material] = delete
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78		-	the property.
	90	+	by a veteran or the veteran's unmarried surviving spouse if the
	91	+	veteran or surviving spouse is a New Mexico resident or if the
	92	+	property is held in a grantor trust established under Sections
	93	+	671 through 677 of the Internal Revenue Code of 1986, as those
	94	+	sections may be amended or renumbered, by a veteran or the
	95	+	veteran's unmarried surviving spouse if the veteran or
	96	+	surviving spouse is a New Mexico resident. The exemption shall
	97	+	be deducted from the taxable value of the property to determine
	98	+	the net taxable value of the property.
79	99		B. The exemption allowed shall be in the following
80	100		amounts for the specified tax years:
81		-	(1) for tax years 2006 through 2024, four
	101	+	[(1) for tax year 2004, the exemption shall be
	102	+	three thousand dollars ($3,000);
	103	+	(2) for tax year 2005, the exemption shall be
	104	+	three thousand five hundred dollars ($3,500); and
	105	+	(3) for tax year 2006 and each subsequent tax
	106	+	year, the exemption shall be four thousand dollars ($4,000) ]
	107	+	(1) for tax years 2006 through 2025, four
82	108		thousand dollars ($4,000);
83		-	(2) for tax year ~~2025~~, ten thousand dollars
	109	+	(2) for tax year 2026, ten thousand dollars
84	110		($10,000); and
85		-	(3) for tax year 2026 and subsequent tax
86		-	years, the amount provided in Paragraph (2) of this
87		-	subsection, adjusted for inflation pursuant to Subsection C
88		-	of this section.
89		-	C. For tax year 2026 and subsequent tax years, the
90		-	amount of exemption shall be adjusted to account for
91		-	inflation. The department shall make the adjustment by
92		-	multiplying ten thousand dollars ($10,000) by a fraction, the
93		-	numerator of which is the consumer price index ending during
94		-	the prior tax year and the denominator of which is the
95		-	consumer price index ending in tax year 2025. The result of
96		-	the multiplication shall be rounded down to the nearest one
97		-	hundred dollars ($100), except that if the result would be an
98		-	amount less than the corresponding amount for the preceding
99		-	tax year, then no adjustment shall be made.
100		-	D. The department shall publish annually the
101		-	amount determined by the calculation made pursuant to
102		-	Subsection C of this section and provide the calculated HTRC/HGEIC/HB 47/ec
103		-	Page 3
	111	+	(3) for tax year 2027 and subsequent tax
	112	+	years, the amount provided in Paragraph (2) of this subsection,
	113	+	adjusted for inflation pursuant to Subsection C of this
	114	+	section.
	115	+	.229338.3
	116	+	- 2 - underscored material = new
	117	+	[bracketed material] = delete
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129		-	amount to each county assessor no later than December 1 of
130		-	the prior tax year.
131		-	E. The veteran exemption shall be applied only if
132		-	claimed and allowed in accordance with Section 7-38-17 NMSA
133		-	1978 and regulations of the department.
134		-	F. As used in this section, "veteran" means an
135		-	individual who:
136		-	(1) has been honorably discharged from
137		-	membership in the armed forces of the United States; and
138		-	(2) except as provided in this section,
139		-	served in the armed forces of the United States on active
140		-	duty continuously for ninety days.
141		-	G. For the purposes of Subsection F of this
142		-	section, a person who would otherwise be entitled to status
143		-	as a veteran except for failure to have served in the armed
144		-	forces continuously for ninety days is considered to have met
145		-	that qualification if the person served for less than ninety
146		-	days and the reason for not having served for ninety days was
147		-	a discharge brought about by service-connected disablement.
148		-	H. For the purposes of Subsection F of this
149		-	section, a person has been "honorably discharged" unless the
150		-	person received either a dishonorable discharge or a
151		-	discharge for misconduct.
152		-	I. For the purposes of this section, a person
153		-	whose civilian service has been recognized as service in the HTRC/HGEIC/HB 47/ec
154		-	Page 4
	143	+	C. For tax year 2027 and subsequent tax years, the
	144	+	amount of exemption shall be adjusted to account for inflation.
	145	+	The department shall make the adjustment by multiplying ten
	146	+	thousand dollars ($10,000) by a fraction, the numerator of
	147	+	which is the consumer price index ending during the prior tax
	148	+	year and the denominator of which is the consumer price index
	149	+	ending in tax year 2026. The result of the multiplication
	150	+	shall be rounded down to the nearest one hundred dollars
	151	+	($100), except that if the result would be an amount less than
	152	+	the corresponding amount for the preceding tax year, then no
	153	+	adjustment shall be made.
	154	+	D. The department shall publish annually the amount
	155	+	determined by the calculation made pursuant to Subsection C of
	156	+	this section and provide the calculated amount to each county
	157	+	assessor no later than December 1 of the prior tax year .
	158	+	[B.] E. The veteran exemption shall be applied only
	159	+	if claimed and allowed in accordance with Section 7-38-17 NMSA
	160	+	1978 and regulations of the department. [For taxpayers who
	161	+	became eligible for a veteran exemption due to the approval of
	162	+	the amendment to Article 8, Section 5 of the constitution of
	163	+	New Mexico in November 2004, a county assessor shall, at the
	164	+	time of determining the net taxable value of the taxpayer's
	165	+	property for the 2005 property tax year, in addition to
	166	+	complying with the provisions of Section 7-38-17 NMSA 1978,
	167	+	determine the net taxable value of the taxpayer's property that
	168	+	.229338.3
	169	+	- 3 - underscored material = new
	170	+	[bracketed material] = delete
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180		-	armed forces of the United States under federal law and who
181		-	has been issued a discharge certificate by a branch of the
182		-	armed forces of the United States shall be considered to have
183		-	served in the armed forces of the United States."
184		-	SECTION 2. Section 7-37-5.1 NMSA 1978 (being Laws 2000,
185		-	Chapter 92, Section 1 and Laws 2000, Chapter 94, Section 1,
186		-	as amended) is amended to read:
187		-	"7-37-5.1. DISABLED VETERAN EXEMPTION.--
188		-	A. As used in this section:
189		-	(1) "disabled veteran" means an individual
190		-	who:
191		-	(a) has been honorably discharged from
192		-	membership in the armed forces of the United States or has
193		-	received a discharge certificate from a branch of the armed
194		-	forces of the United States for civilian service recognized
195		-	pursuant to federal law as service in the armed forces of the
196		-	United States; and
197		-	(b) has been determined pursuant to
198		-	federal law to have a permanent service-connected disability;
199		-	and
200		-	(2) "honorably discharged" means discharged
201		-	from the armed forces pursuant to a discharge other than a
202		-	dishonorable or bad conduct discharge.
203		-	B. The property of a disabled veteran, including
204		-	joint or community property of the veteran and the veteran's HTRC/HGEIC/HB 47/ec
205		-	Page 5
	196	+	would result from the application of the veteran exemption for
	197	+	the 2004 property tax year had the deadline for applying for
	198	+	the veteran exemption in 2004 occurred after the amendment was
	199	+	certified. The veteran exemption for 2004 shall not be
	200	+	credited against the 2005 property value of a taxpayer until
	201	+	the taxpayer has paid in full the taxpayer's property tax
	202	+	liability for the 2004 property tax year.
	203	+	C.] F. As used in this section, "veteran" means an
	204	+	individual who:
	205	+	(1) has been honorably discharged from
	206	+	membership in the armed forces of the United States; and
	207	+	(2) except as provided in Subsection G of this
	208	+	section:
	209	+	(a) served in the armed forces of the
	210	+	United States on active duty continuously for ninety days; or
	211	+	(b) served in the army reserve, navy
	212	+	reserve, marine corps reserve, air force reserve, coast guard
	213	+	reserve, army national guard or air national guard and was
	214	+	accepted for and assigned to duty for a minimum of six
	215	+	continuous years.
	216	+	[D. For the purposes of Subsection C of this
	217	+	section] G. A person who would otherwise be entitled to status
	218	+	as a veteran except for failure to have served [in the armed
	219	+	forces continuously for ninety days ] the required time period
	220	+	is considered to have met that qualification if the [person
	221	+	.229338.3
	222	+	- 4 - underscored material = new
	223	+	[bracketed material] = delete
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231		-	spouse, is exempt from property taxation in an amount equal
232		-	to the percentage of the veteran's disability as determined
233		-	by federal law multiplied by the value of the property after
234		-	the amount that may be exempted pursuant to Section 7-37-5
235		-	NMSA 1978 is deducted; provided that the property is occupied
236		-	by the disabled veteran as the veteran's principal place of
237		-	residence. Property held in a grantor trust established
238		-	under Sections 671 through 677 of the Internal Revenue Code
239		-	of 1986, as those sections may be amended or renumbered, by a
240		-	disabled veteran or the veteran's surviving spouse is also
241		-	exempt from property taxation if the property otherwise meets
242		-	the requirements for exemption in this subsection or
243		-	Subsection C of this section.
244		-	C. The property of the surviving spouse of a
245		-	disabled veteran is exempt from property taxation if:
246		-	(1) the surviving spouse and the disabled
247		-	veteran were married at the time of the disabled veteran's
248		-	death; and
249		-	(2) the surviving spouse continues to occupy
250		-	the property continuously after the disabled veteran's death
251		-	as the spouse's principal place of residence.
252		-	D. Upon the transfer of the principal place of
253		-	residence of a disabled veteran or of a surviving spouse of a
254		-	disabled veteran entitled to and granted a disabled veteran
255		-	exemption, the disabled veteran or the surviving spouse may HTRC/HGEIC/HB 47/ec
256		-	Page 6
	249	+	served for less than ninety days and the ] reason for not having
	250	+	served [for ninety days ] the required time period was a
	251	+	discharge brought about by service-connected disablement.
	252	+	[E.] H. For the purposes of Subsection [C ] F of
	253	+	this section, a person has been "honorably discharged" unless
	254	+	the person received either a dishonorable discharge or a
	255	+	discharge for misconduct.
	256	+	[F.] I. For the purposes of this section, a person
	257	+	whose civilian service has been recognized as service in the
	258	+	armed forces of the United States under federal law and who has
	259	+	been issued a discharge certificate by a branch of the armed
	260	+	forces of the United States shall be considered to have served
	261	+	in the armed forces of the United States."
	262	+	SECTION 2. Section 7-37-5.1 NMSA 1978 (being Laws 2000,
	263	+	Chapter 92, Section 1 and Laws 2000, Chapter 94, Section 1, as
	264	+	amended) is amended to read:
	265	+	"7-37-5.1. DISABLED VETERAN EXEMPTION.--
	266	+	A. As used in this section:
	267	+	(1) "disabled veteran" means an individual
	268	+	who:
	269	+	(a) has been honorably discharged from
	270	+	membership in the armed forces of the United States or has
	271	+	received a discharge certificate from a branch of the armed
	272	+	forces of the United States for civilian service recognized
	273	+	pursuant to federal law as service in the armed forces of the
	274	+	.229338.3
	275	+	- 5 - underscored material = new
	276	+	[bracketed material] = delete
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282		-	choose to:
283		-	(1) maintain the exemption for that
284		-	residence for the remainder of the year, even if the
285		-	residence is transferred during the year; or
286		-	(2) remove the exemption for that residence
287		-	and apply it to the disabled veteran's or the disabled
288		-	veteran's surviving spouse's new principal place of
289		-	residence, regardless of whether the exemption was applied
290		-	for and claimed within thirty days of the mailing of the
291		-	county assessor's notice of valuation made pursuant to the
292		-	provisions of Section 7-38-20 NMSA 1978.
293		-	E. The exemption provided by this section may be
294		-	referred to as the "disabled veteran exemption".
295		-	F. The disabled veteran exemption shall be applied
296		-	only if claimed and allowed in accordance with Section
297		-	7-38-17 NMSA 1978 and the rules of the department. The
298		-	disabled veteran exemption shall be claimed in proportion to
299		-	the taxpayer's ownership interest in the property.
300		-	G. The veterans' services department shall assist
301		-	the department and the county assessors in determining which
302		-	veterans qualify for the disabled veteran exemption."
303		-	SECTION 3. Section 7-38-17 NMSA 1978 (being Laws 1973,
304		-	Chapter 258, Section 57, as amended) is amended to read:
305		-	"7-38-17. CLAIMING EXEMPTIONS--REQUIREMENTS--
306		-	PENALTIES.-- HTRC/HGEIC/HB 47/ec
307		-	Page 7
	302	+	United States; and
	303	+	(b) has been determined pursuant to
	304	+	federal law to have a [one hundred percent ] permanent [and
	305	+	total] service-connected disability; and
	306	+	(2) "honorably discharged" means discharged
	307	+	from the armed forces pursuant to a discharge other than a
	308	+	dishonorable or bad conduct discharge.
	309	+	B. The property of a disabled veteran, including
	310	+	joint or community property of the veteran and the veteran's
	311	+	spouse, is exempt from property taxation [if it ] in an amount
	312	+	that shall be based on the percentage of the veteran's
	313	+	disability as determined by federal law; provided that the
	314	+	property is occupied by the disabled veteran as the veteran's
	315	+	principal place of residence. Property held in a grantor trust
	316	+	established under Sections 671 through 677 of the Internal
	317	+	Revenue Code of 1986, as those sections may be amended or
	318	+	renumbered, by a disabled veteran or the veteran's surviving
	319	+	spouse is also exempt from property taxation if the property
	320	+	otherwise meets the requirements for exemption in this
	321	+	subsection or Subsection C of this section.
	322	+	C. The property of the surviving spouse of a
	323	+	disabled veteran is exempt from property taxation if:
	324	+	(1) the surviving spouse and the disabled
	325	+	veteran were married at the time of the disabled veteran's
	326	+	death; and
	327	+	.229338.3
	328	+	- 6 - underscored material = new
	329	+	[bracketed material] = delete
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333		-	A. Subject to the requirements of Subsection E of
334		-	this section, head-of-family exemptions, veteran exemptions,
335		-	disabled veteran exemptions or veterans' organization
336		-	exemptions claimed and allowed in a tax year need not be
337		-	claimed for subsequent tax years if there is no change in
338		-	eligibility for the exemption nor any change in ownership of
339		-	the property against which the exemption was claimed. Head-
340		-	of-family, veteran and veterans' organization exemptions
341		-	allowable under this subsection shall be applied
342		-	automatically by county assessors in the subsequent tax
343		-	years.
344		-	B. Other exemptions of real property specified
345		-	under Section 7-36-7 NMSA 1978 for nongovernmental entities
346		-	shall be claimed in order to be allowed. Once such
347		-	exemptions are claimed and allowed for a tax year, they need
348		-	not be claimed for subsequent tax years if there is no change
349		-	in eligibility. Exemptions allowable under this subsection
350		-	shall be applied automatically by county assessors in
351		-	subsequent tax years.
352		-	C. Except as set forth in Subsection H of this
353		-	section, an exemption required to be claimed under this
354		-	section shall be applied for no later than thirty days after
355		-	the mailing of the county assessor's notices of valuation
356		-	pursuant to Section 7-38-20 NMSA 1978 in order for it to be
357		-	allowed for that tax year. HTRC/HGEIC/HB 47/ec
358		-	Page 8
	355	+	(2) the surviving spouse continues to occupy
	356	+	the property continuously after the disabled veteran's death as
	357	+	the spouse's principal place of residence.
	358	+	D. Upon the transfer of the principal place of
	359	+	residence of a disabled veteran or of a surviving spouse of a
	360	+	disabled veteran entitled to and granted a disabled veteran
	361	+	exemption, the disabled veteran or the surviving spouse may
	362	+	choose to:
	363	+	(1) maintain the exemption for that residence
	364	+	for the remainder of the year, even if the residence is
	365	+	transferred during the year; or
	366	+	(2) remove the exemption for that residence
	367	+	and apply it to the disabled veteran's or the disabled
	368	+	veteran's surviving spouse's new principal place of residence,
	369	+	regardless of whether the exemption was applied for and claimed
	370	+	within thirty days of the mailing of the county assessor's
	371	+	notice of valuation made pursuant to the provisions of Section
	372	+	7-38-20 NMSA 1978.
	373	+	E. The exemption provided by this section may be
	374	+	referred to as the "disabled veteran exemption".
	375	+	F. The disabled veteran exemption shall be applied
	376	+	only if claimed and allowed in accordance with Section 7-38-17
	377	+	NMSA 1978 and the rules of the department.
	378	+	G. The veterans' services department shall assist
	379	+	the department and the county assessors in determining which
	380	+	.229338.3
	381	+	- 7 - underscored material = new
	382	+	[bracketed material] = delete
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384		-	D. A person who has had an exemption applied to a
385		-	tax year and subsequently becomes ineligible for the
386		-	exemption because of a change in the person's status or a
387		-	change in the ownership of the property against which the
388		-	exemption was applied shall notify the county assessor of the
389		-	loss of eligibility for the exemption by the last day of
390		-	February of the tax year immediately following the year in
391		-	which loss of eligibility occurs.
392		-	E. Exemptions may be claimed by filing proof of
393		-	eligibility for the exemption with the county assessor. The
394		-	proof shall be in a form prescribed by regulation of the
395		-	department. Procedures for determining eligibility of
396		-	claimants for any exemption shall be prescribed by regulation
397		-	of the department, and these regulations shall include
398		-	provisions for requiring the veterans' services department to
399		-	issue certificates of eligibility for veteran and veterans'
400		-	organization exemptions in a form and with the information
401		-	required by the department. The regulations shall also
402		-	include verification procedures to assure that veteran
403		-	exemptions in excess of the amount authorized under Section
404		-	7-37-5 NMSA 1978 are not allowed as a result of multiple
405		-	claiming in more than one county or claiming against more
406		-	than one property in a single tax year.
407		-	F. The department shall consult and cooperate with
408		-	the veterans' services department in the development, HTRC/HGEIC/HB 47/ec
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435		-	adoption and promulgation of regulations under Subsection E
436		-	of this section. The veterans' services department shall
437		-	comply with the promulgated regulations. The veterans'
438		-	services department shall collect a fee of five dollars
439		-	($5.00) for the issuance of a duplicate certificate of
440		-	eligibility to a veteran or to a veterans' organization.
441		-	G. A person who violates the provisions of this
442		-	section by intentionally claiming and receiving the benefit
443		-	of an exemption to which the person is not entitled or who
444		-	fails to comply with the provisions of Subsection D of this
445		-	section is guilty of a misdemeanor and shall be punished by a
446		-	fine of not more than one thousand dollars ($1,000). A
447		-	county assessor or the assessor's employee who knowingly
448		-	permits a claimant for an exemption to receive the benefit of
449		-	an exemption to which the claimant is not entitled is guilty
450		-	of a misdemeanor and shall be punished by a fine of not more
451		-	than one thousand dollars ($1,000) and shall also be
452		-	automatically removed from office or dismissed from
453		-	employment upon conviction under this subsection.
454		-	H. When a disabled veteran or the disabled
455		-	veteran's unmarried surviving spouse provides proof of
456		-	eligibility pursuant to Subsection E of this section, the
457		-	disabled veteran or the disabled veteran's unmarried
458		-	surviving spouse shall be allowed the exemption for the tax
459		-	year; provided that the exemption shall not be allowed for HTRC/HGEIC/HB 47/ec
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486		-	property tax due for previous tax years."
487		-	SECTION 4. APPLICABILITY.--The provisions of Section 2
488		-	of this act apply to the 2026 and subsequent property tax
489		-	years.
490		-	SECTION 5. EMERGENCY.--It is necessary for the public
491		-	peace, health and safety that this act take effect
492		-	immediately.
	408	+	veterans qualify for the disabled veteran exemption."
	409	+	SECTION 3. APPLICABILITY.--The provisions of this act
	410	+	apply to the 2026 and subsequent property tax years.
	411	+	- 8 -
	412	+	.229338.3