This bill amends existing property taxation laws in New Mexico to allow land that is under a conservation easement to be valued as agricultural land for property 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 conservation efforts. The bill outlines the criteria for determining agricultural use and establishes that landowners must apply to the county assessor to have their land valued under this new provision.

Additionally, the bill modifies the requirements for filing affidavits related to residential property transfers to include conservation easement deeds. It mandates that an affidavit must be filed with the county assessor when a conservation easement deed is recorded, ensuring that the information is used for analytical and statistical purposes. The bill clarifies that certain types of property transfers, such as those involving conservation easements, will require this affidavit, while also providing definitions and exclusions for various types of property transactions. 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