Assessment Limitation for Low-income Disabled or Elderly Homeowners

State

New Mexico

Year

2007

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Assessment Freeze

Benefit

The benefit is an assessment freeze. For the those that meet age requirements, the property valuation is frozen at its value in (1) the 2001 tax year; (2) the year in which the owner's 65th birthday occurs, if that is after 2001; or (3) the tax year following the tax year in which an owner who turns 65 or is 65 years of age or older first owns and occupies the property, if that is after 2001. For those that meet disability requirements the property valuation is frozen at its value in (1) the 2003 tax year; (2) the year in which the owner is determined to be disabled, if that is after 2003; or (3) the following the tax year in which an owner who is disabled or who is determined in that year to be disabled first owns and occupies the property, if that is after 2003.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only single-family homes are eligible for this benefit.

Eligibility Criteria

Age

Disability

Homeowner

Income Ceiling

Description of Eligibility Criteria

Applicants must be either disabled or over 65 and have an income below a base value of $18,000, set in 2003 and adjusted annually, for increases only in the consumer price index for all urban consumers published by the United States department of labor.

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

NM101_RR07

Footnotes

“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.

Sources

N.M. Stat. § 7-36-21.3 (in effect for 2007)

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