The bill amends the definition of "residential property" within the Property Tax Code of New Mexico. The new definition specifies that residential property includes one or more dwellings and appurtenant structures, along with the land necessary for parking and other uses. Notably, the bill expands the definition to include dwellings that are leased or rented to lodgers for any duration, while explicitly excluding commercial structures such as hotels and motels that are primarily used for temporary or transient habitation.

Additionally, the bill removes the term "permanent" from the previous definition of dwellings, thereby broadening the scope of what constitutes residential property. This change aims to clarify the classification of properties for taxation purposes, ensuring that various forms of housing, including those rented out for short-term stays, are recognized as residential.

Statutes affected:
introduced version: 7-35-2