The bill amends property tax exemptions for veterans in New Mexico to align with changes approved by voters in the November 5, 2024 general election. It modifies the existing veteran exemption by removing the previous fixed amounts and replacing them with a new structure that provides a $4,000 exemption for tax years 2006 through 2024, a $10,000 exemption for tax year 2025, and an inflation-adjusted exemption for tax year 2026 and beyond. Additionally, the bill clarifies that the exemption applies to property owned by veterans or their unmarried surviving spouses who are New Mexico residents, and it establishes a process for adjusting the exemption amount based on the consumer price index.

Furthermore, the bill revises the disabled veteran exemption to reflect that the exemption amount will be proportional to the veteran's disability percentage, applied to the property's value after other exemptions are deducted. It also ensures that the exemption can be claimed by the surviving spouse of a disabled veteran under certain conditions. The bill includes provisions for claiming exemptions, requiring proof of eligibility, and outlines penalties for fraudulent claims. The act is declared an emergency, necessitating immediate implementation for the public's benefit.

Statutes affected:
introduced version: 7-37-5, 7-37-5.1
GE substitute: 7-37-5, 7-37-5.1
TR substitute: 7-37-5, 7-37-5.1, 7-38-17