This bill amends existing property taxation laws in New Mexico to allow land under a conservation easement to be valued as agricultural land for tax purposes. Specifically, it introduces new language that defines "agricultural use" to include land that is subject to a conservation easement, which is an agreement that limits the use of the land to preserve its natural state. The bill establishes that landowners can apply for this valuation method, and once granted, they do not need to reapply as long as the land's use remains unchanged. Additionally, it mandates that landowners report any changes in land use to the county assessor.

Furthermore, the bill modifies the requirements for filing affidavits related to residential property transfers. It specifies that when a conservation easement deed is recorded, an affidavit must be filed with the county assessor within thirty days, detailing the transfer and its terms. The bill also clarifies that certain types of property transfers, such as those involving conservation easements, are exempt from the affidavit requirement. 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