Valuation Limitation (7-36-21.3 NMSA)

STATE OF NEW MEXICO - 2024 TAX YEAR

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.

    

    

   The applicant should be prepared to provide evidence that he/she fulfills the age requirement

   by presenting a photo ID showing his/her date of birth.

    

    

2. OCCUPANCY: Applicant must be the owner and occupant of the property for which the application is being submitted. The property listed on this application is eligible only if it is the primary residence of the applicant and does not apply to other properties owned by the applicant.

    

    

   (a)  The applicant must be able to provide certified copies of relevant documents.

   (b)  The property must be the primary residence of the applicant.

    

    

3. DISABLED: Means a person who has been determined to be blind or permanently disabled with medical improvements not expected pursuant to 42 USCA 421 for purposes of federal Social Security Act [42 USC § 301 et seq.] or is determined to have a permanent total disability pursuant to the Workers’ Compensation Act [Chapter 52, Article 1 NMSA 1978].

(Part I) IDENTIFICATION OF REAL PROPERTY: One of the following should be provided to the assessor to identify the property for which the application is submitted.

(Part II) INCOME: The previous year’s modified gross income must be $41,900 per year or less (below). The New Mexico Income Tax Act (Section 7-2-2, L.) states modified gross income means all income, undiminished by losses from whatever source derived. This applies to the total combined income of the taxpayer and his/her spouse and dependents.

The applicant shall submit copies of state and federal income tax forms for the year prior to application or any other documents that will provide evidence to the Assessor that the applicant fulfills the income requirements. Amended tax returns should be reported to the assessor within 30 days of the reporting to the IRS or New Mexico Taxation & Revenue Department. Amended returns may affect your eligibility.

(Part III) CERTIFICATION BY PROPERTY OWNER: (To be completed by Applicant)

(Part IV) VALUATION LIMITATION: (To be completed by the County Assessor)

Remember, the form must be submitted in person

Limitation Application

Limitation Application Spanish

HEAD OF FAMILY

This exemption is applied to the principle residence of a New Mexico resident. It exempts two thousand dollars ($2,000) from the taxable value of the residential property if the property is owned and lived in by the head-of-family. A claimant is not required to have dependents in order to qualify for head-of-family exemption. The exemption is allowed only once in any tax year and only in one county even though the claimant may own property in more than one county. Please download the following form, fill it out completely and mail to 100 S. Oliver Dr., Ste 400,  Aztec, NM 87410, fax to (505) 334-1669 or drop off at 100 s. Oliver in Aztec. 

 Head of Household Form

VETERANS

This exemption allows for four thousand dollars ($4,000) to be deducted from the taxable value of real or personal property including the community or joint property of husband and wife, if the property is owned by a veteran or the veteran's unmarried surviving spouse and the veteran or the surviving spouse are New Mexico Residents.

A portion of this exemption may be used to reduce motor vehicle registration fees if the exemption is taken prior to the claiming of the exemption on real or personal property. Qualification for this exemption requires the claimant to present a certificate of eligibility to the Assessor. The certificate may be obtained from the San Juan College Veterans Center, 4601 College Bldg. Room 1715B. Call (505) 327-2861 or (505) 916-4835 for more information. 

DISABLED VETERANS

Through this exemption the property of a disabled veteran or his/her spouse, including joint or community property is totally exempt from property tax if it is occupied by the disabled veteran or his/her spouse as their principal place of residence.

"Disabled Veteran" means an individual who has been honorably discharged (other than a dishonorable or bad conduct discharge) from membership in the armed forces of the United States, and has been determined pursuant to federal law to have a permanent and total service-connected disability. The property of the surviving spouse of a disabled veteran is exempt from property taxation if: the surviving spouse and the disabled veteran were married at the time of the disabled veteran's death; the property was exempt prior to the disabled veteran's death; and the surviving spouse continues to occupy the property continuously after the disabled veteran's death as the spouse's principal place of residence.

Qualification for this exemption requires the claimant to present a certificate of eligibility to the Assessor. The certificate may be obtained from the San Juan College Veterans Center, 4601 College Bldg. Room 1715B. Call (505) 327-2861 or (505) 916-4835 for more information. 

Remember, the form must be submitted in person.

Veteran Exemption Application (must be submitted to the Assessor's Office in person)