This bill amends the Property Tax Code to establish a special method of valuation for certain multifamily housing properties in New Mexico. It modifies Section 7-36-15 by removing the reference to Sections 7-36-33 and replacing it with Section 7-36-34, which introduces new provisions specifically for multifamily housing. The bill stipulates that the valuation of multifamily housing will be based on its current and correct value, with limitations on increases in value from the previous year and a cap on the per-unit value. Additionally, it specifies that no value will be assigned to amenities or ancillary improvements beyond the multifamily units themselves.

Furthermore, the bill outlines that for multifamily housing constructed in the year prior to a tax year, the valuation will be the lesser of the current value or the actual construction costs, which must be documented by the property owner. The definition of "multifamily housing" is clarified to include residential properties with five or more units that are rented or leased for a minimum of thirty days. The provisions of this act will take effect for the 2026 property tax year and beyond.

Statutes affected:
introduced version: 7-36-15