B. The legislature shall provide by law for the valuation of residential property for property taxation purposes in a manner that limits annual increases in valuation of residential property. The limitation may be applied to classes of residential property taxpayers based on owner-occupancy, age or income. The limitations may be authorized statewide or at the option of a local jurisdiction and may include conditions under which the limitation is applied. Any valuation limitations authorized as a local jurisdiction option shall provide for applying statewide or multi-jurisdictional property tax rates to the value of the property as if the valuation increase limitation did not apply.
NEW MEXICO CONSTITUTION
ARTICLE VIII
EDUCATION
Art. VIII §1 | LEVY TO BE PROPORTIONATE TO VALUE; UNIFORM AND EQUAL TAXES; PERCENTAGE OF VALUE TAXED; LIMITATION ON ANNUAL VALUATION INCREASES
B. The legislature shall provide by law for the valuation of residential property for property taxation purposes in a manner that limits annual increases in valuation of residential property. The limitation may be applied to classes of residential property taxpayers based on owner-occupancy, age or income. The limitations may be authorized statewide or at the option of a local jurisdiction and may include conditions under which the limitation is applied. Any valuation limitations authorized as a local jurisdiction option shall provide for applying statewide or multi-jurisdictional property tax rates to the value of the property as if the valuation increase limitation did not apply.
Art. VIII §2 | PROPERTY TAX LIMITS; EXCEPTION
Art. VIII §3 | TAX-EXEMPT PROPERTY
Provided, however, that any property acquired by public libraries, community ditches and all laterals thereof, property acquired by churches, property acquired and used for educational or charitable purposes, and property acquired by cemeteries not used or held for private, or corporate profit, and property acquired by the Indian service and property acquired by the United States government or by the state of New Mexico by outright purchase or trade, where such property was, prior to such transfer, subject to the lien of any tax or assessment for the principal or interest of any bonded indebtedness shall not be exempt from such lien, nor from the payment of such taxes or assessments.
Exemptions of personal property from ad valorem taxation may be provided by law if approved by a three-fourths majority vote of all the members elected to each house of the legislature.
Art. VIII §4 | MISUSE AND DEPOSIT OF PUBLIC MONEY
Art. VIII §5 | HEAD OF FAMILY AND VETERAN EXEMPTIONS
B. The legislature shall 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:
(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.
Art. VIII §6 | ASSESSMENT OF LANDS
Art. VIII §7 | JUDGMENTS AGAINST LOCAL OFFICIALS
Art. VIII §8 | EXEMPTION OF CERTAIN PERSONALTY IN TRANSIT THROUGH THE STATE
Art. VIII §9 | ELECTED GOVERNING AUTHORITY PREREQUISITE TO LEVY OF TAX
Art. VIII §10 | SEVERANCE TAX PERMANENT FUND
B. All additions to the fund and all earnings, including interest, dividends and capital gains from investment of the fund shall be credited to the corpus of the fund.
C. The annual distributions from the fund shall be one hundred two percent of the amount distributed in the immediately preceding fiscal year until the annual distributions equal four and seven-tenths percent of the average of the year-end market values of the fund for the immediately preceding five calendar years. Thereafter, the amount of the annual distributions shall be four and seven-tenths percent of the average of the year-end market values of the fund for the immediately preceding five calendar years.
D. The frequency and the time of the distributions made pursuant to Subsection C of this section shall be as provided by law.
Art. VIII §15 | PROPERTY TAX EXEMPTION FOR DISABLED VETERANS
B. The legislature shall provide the same amount of exemption from taxation for property owned by the widow or widower of a veteran who was eligible for the exemption provided in this section, if the widow or widower continues to occupy the property as the widow's or widower's principal place of residence.
C. The burden of proving eligibility for the exemptions provided in this section is on the person claiming the exemption.
Art. VIII §16 | PROPERTY TAX EXEMPTION FOR PROPERTY OF VETERANS' ORGANIZATION CHARTERED BY UNITED STATES CONGRESS
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- State Agency Self-Discrimination
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