Art. VIII §5 | HEAD OF FAMILY AND VETERAN EXEMPTIONS
A. The legislatureshall exempt from taxation the property of each head of the family in the amount of two thousand dollars ($2,000).
B. The legislatureshall exempt from taxation the property, including the community or joint property of married individuals, of every honorably discharged member of the armed forces of the United States and the widow or widower of every such honorably discharged member of the armed forces of the United States, in the sum of:
(1) in 2006 and in each year through 2023, four thousand dollars ($4,000);
(2) in 2024, ten thousand dollars ($10,000); and
(3) in 2025 and each subsequent year, the amount provided in Paragraph (2) of this subsection, adjusted for inflation.
C. In every case where exemption is claimed on the ground of the claimant's having served with the armed forces of the United States pursuant to Subsection B of this section, the burden of proving actual and bona fide ownership of such property upon which exemption is claimed shall be upon the claimant.
Congratulations! You're now booked up on Article VIII Section 5 of the New Mexico Constitution!
