This bill amends the property tax exemptions for veterans in New Mexico to align with changes resulting from constitutional amendments approved by voters in the November 5, 2024 general election. Specifically, it modifies Section 7-37-5 NMSA 1978 to increase the exemption amount for veterans from $4,000 for tax years 2006 through 2024 to $10,000 for tax year 2025, with subsequent adjustments for inflation starting in tax year 2026. The bill also clarifies the definition of "veteran" and outlines the conditions under which the exemption applies, including provisions for surviving spouses and property held in grantor trusts.

Additionally, the bill revises Section 7-38-17 NMSA 1978 regarding the claiming of exemptions, allowing certain exemptions, including those for veterans, to be automatically applied in subsequent tax years if there are no changes in eligibility or property ownership. It establishes a framework for the veterans' services department to assist in determining eligibility and includes penalties for fraudulent claims. The bill declares an emergency, necessitating immediate effect for the changes, which will apply to property tax years starting in 2026.

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
Final Version: 7-37-5, 7-37-5.1, 7-38-17