The bill amends existing property taxation laws in New Mexico to allow land with a conservation easement to be valued as agricultural land for property tax purposes. Specifically, it introduces new legal language that defines "agricultural use" to include land under a conservation easement that is intended to preserve important habitat areas or significant natural resources. This change aims to recognize the agricultural value of such lands while ensuring they are eligible for favorable tax treatment, similar to other agricultural lands.

Additionally, the bill requires that when a conservation easement deed is recorded, an affidavit must be filed with the county assessor within thirty days. This affidavit will contain specific information about the transfer of residential property, including the names of the parties involved and the terms of the sale. The bill also clarifies that conservation easements are exempt from certain reporting requirements that apply to other types of property transfers. The provisions of this act will take effect for taxable years beginning on or after January 1, 2025.

Statutes affected:
introduced version: 7-36-20, 7-38-12.1