2025 Legislative Summary

HB 47 Veteran Property Tax Exemption

Brings two veteran-related property tax exemptions into law as a result of constitutional amendments that were approved by voters at the November 5, 2024, General Election relating to veterans. Expands both the veteran exemption at Sec. 7-37-5 and the disabled veteran exemption at Sec. 7-37-5.1. Signed by the Governor

HB 295 Tax On Property Owned by NM RETA

Exempts from property tax the electrical transmission and interconnected storage facilities and all related structures, including leasehold improvements, that are (1) owned by the NM Renewable Energy Transmission Authority (NMRETA) and which qualify as an eligible facility under the New Mexico Renewable Energy Transmission Authority Act but (2) are leased to a nonexempt entity to construct, operate or assist NMRETA in constructing or operating the eligible facility. Signed by the Governor

HB 46 Real Property from Health- Related Equipment

Amends the Hospital Equipment Loan Act to remove real property from the definition of “health-related equipment” subject to the Hospital Equipment Loan Program. Imposes restrictions on property tax exemption on real property acquired from bond proceeds issued under the act. Died in House Taxation and Revenue

HB 494 Tax Exemptions for Veterans

Removes the provision in Sec. 7-38-17 that a disabled veteran or unmarried surviving spouse who provides proof of eligibility for a property tax exemption shall be allowed the exemption for the current tax year, but not for tax due for previous tax years (Sec. 7-38-17.E.) thereby allowing the exemption to be applied generally. Vetoed by the Governor

SB 186 Multifamily Housing Valuation

Creates a special method valuation for residential multifamily property that sets its valuation for the current property tax year at the lower of the current and correct value or the actual costs of construction and land. The general 3% cap on year-to-year increases in valuation of residential property applies. No value shall be attributed to amenities or ancillary improvements and the per-unit value shall not exceed the total property value divided by the number of units, multiplied by 40%. Died on the Senate Floor