2026 Legislative Summary
HB 285Disabled Veteran Property Tax Exemption
House Bill 285 amends the Disabled Veteran Property Tax Exemption to clarify that the exemption applies if the disabled veteran continuously occupies the property as the veteran’s principal place of residence. If two or more veterans qualify for the disabled veteran exemption on the same property, requires the exemption to be determined using the highest disability percentage among the eligible owners. House Labor, Veteran’s, and Military Affairs Committee streamlined the language of the bill but made no substantive changes. Signed by the Governor
HB 77Affordable Housing Revitalization Tax Credit
House Bill 77, for taxable years 2026 through 2036, provides a nonrefundable corporate income tax credit against rehabilitation expenses for a revitalization project in New Mexico. Annual cap on aggregate eligible credits is $100 million but only $50 million may be allowed for projects not in rural areas. To be eligible for the credit, entities must qualify as a grantee under the Affordable Housing Act. Died in House Taxation and Revenue
HB103Cap Residential Property Tax Rates
Amends Sec. 7-36-21.2, which imposes a three percent limit on the year-to-year increase in the valuation of most residential properties, to allow the limit to remain in place when the property’s zoning changes. Currently, the limit is effectively canceled for the year when zoning changes. Died Senate Floor
Revises the Property Tax Code to provide a temporary limitation on an increase in valuation of nonresidential property but also requires filing of an affidavit on transfer of any real property. Died House Commerce and Economic Development Committee