Assessment Limitation for Low-income Disabled or Elderly Homeowners

New Mexico

2021

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.

Exemption from assessed value

Residential

Only single-family dwellings are eligible for this benefit.

Age

Disability

Homeowner

Income Ceiling

Applicants must be either disabled or have reached the age of 65 during the year in which they apply and have a modified gross income of $35,400 or less in 2020 for the 2021 freeze or the amount calculated should not be greater than the assessed valuation of the property for property taxation purposes. The income limit is adjusted for inflation every year according to the Consumer Price Index for all urban consumers. Applicants must apply annually with the local county assessor where the property is located. Applicants who apply for the limitation of value and file proof of income eligibility for three consecutive years and qualify for the program prior to the tax year they are applying for no longer have to provide proof for qualification. 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_RR21