This bill amends the Property Tax Code in New Mexico to establish a special method of valuation for certain multifamily housing. 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 specific limitations on increases in value and per-unit valuation. Notably, it prohibits attributing value to amenities or ancillary improvements beyond the multifamily units themselves.

Additionally, 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 specified as residential properties with five or more units that are rented or leased under written agreements for at least 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