This bill amends the property tax exemptions for veterans in New Mexico to align with changes approved by voters in the November 5, 2024 general election. It specifically updates the veteran exemption amounts, increasing the exemption from $4,000 for tax years 2006 through 2024 to $10,000 for tax year 2025, and establishes that for tax year 2026 and beyond, this amount will be adjusted for inflation. The bill also clarifies the definitions of "veteran" and "disabled veteran," ensuring that individuals with service-connected disabilities are recognized and can claim appropriate exemptions.

Additionally, the bill modifies the claiming process for these exemptions, allowing certain exemptions to be automatically applied in subsequent tax years if there are no changes in eligibility or property ownership. It mandates that the veterans' services department assist in determining eligibility and outlines penalties for individuals who improperly claim exemptions. The provisions of this act are set to apply to property tax years starting in 2026, and it declares an emergency for immediate implementation.

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