Assessment Limitation for Low-income Disabled or Elderly Homeowners

New Mexico

2017

No Variation in Receipt of Benefits

Assessment Freeze

The benefit is an assessment freeze at the value for the tax year when the owner first becomes eligible and is in place as long as the owner remains eligible. There are two components to the program, one that was adopted in 2001, which was expanded in 2003 to include the disabled regardless of age, and another modification enacted in 2008. The distinction between the two programs is the income limit. An owner who is entitled to a limitation in valuation under both the pre or post-2008 program may designate the limitation that shall be applied

Exemption from assessed value

Residential

Only owner occupied single-family dwellings are eligible for this benefit.

Age

Disability

Homeowner

Income Ceiling

Applicants must be either disabled or 65 or older when they apply. There are two income levels and both apply. The lower income ceiling applies to those 65 or older in 2001 or before 2009 or disabled in or after 2003; the higher income ceiling applies those are 65 or older or disabled in or after 2009. For the homeowner who is entitled to both programs,i.e. 65 before 2009, the owner may designate which applies. Beginning in 2009, the income level has been $32,000. For those who qualified for the assessment limitation prior to 2009, the 2016 maximum income for Tax Year 2017 is $25,000. Applicants must apply annually with the local county assessor where the property is located. An owner who applies for the limitation of value and files proof of income eligibility for the three consecutive years immediately prior to the tax year for which the application is made need not claim the limitation for subsequent tax years if there is no change in eligibility. The county assessor shall apply that limitation automatically in subsequent tax years until a change in eligibility occurs.

Local government is unable to exercise an option

No local option regarding program features

Local government covers all of its tax loss

State statutes are silent on funding for this benefit.

NM101_RR17