Assessment Limitation for Low-income Disabled or Elderly Homeowners


New Mexico



Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

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.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type


Characteristics of Eligible Property

Only single-family dwellings are eligible for this benefit.

Eligibility Criteria




Income Ceiling

Description of Eligibility Criteria

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 Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

Local government covers all of its tax loss

Description of State Funding for Tax Loss

State statutes are silent on funding for this benefit.

Record ID



Effective 20 May, 2020, applicants who qualify for the limitation must file their application within 30 days of the date the assessor mails the notice of valuation. This was enacted in 2020 by 2020 N.M. Laws ch. 73 § 1 (SB 117). Disabled means a person who has been determined to be blind or permanently disabled with medical improvement not expected or who is determined to have a permanent total disability pursuant to the Workers' Compensation Act. The limitation of value does not apply to a change in valuation resulting from any physical improvements made to the property during the year immediately prior to the tax year or a change in the permitted use or zoning of the property during the year immediately prior to the tax year; or a residential property in the 1st tax year that is valued for property taxation purposes. Claimants must file for the value freeze with their county's application form.


N.M. Stat. § 7-36-21.3 (in effect for 2021)
Source Constitution: 
N.M. Const. art. VII, § 1
State of New Mexico, Santa Fe County, 2021 Tax Year Application
[ accessed 09/07/2022]
View Archived Source
N.M. Laws ch. 140 § 1
N.M. Laws ch. 73 § 1 (in effect for 2021)

Join Our Mailing List

Back to top