This bill amends the Disabled Veteran Property Tax Exemption in New Mexico, clarifying occupancy requirements and exemption determinations for properties with multiple ownership interests. It specifies that the property of a disabled veteran is exempt from property taxation based on the percentage of the veteran's disability, provided the veteran occupies the property continuously as their principal residence. The bill also allows for exemptions to be claimed by the surviving spouse of a disabled veteran under certain conditions. Additionally, if multiple disabled veterans qualify for the exemption on the same property, the exemption will be determined using the highest disability percentage among them.

The bill introduces new procedures for claiming exemptions and filing protests regarding property tax assessments. It allows property owners to protest not only the value or classification determined by the county assessor but also the denial of a claim for an exemption. The bill mandates that a property owner claiming an exemption must present a form certifying their eligibility and continuous occupancy of the property. Furthermore, it establishes that if a claim for exemption is pending, the property owner may file a protest, and the county assessor must make a determination within the protest period. The bill is declared an emergency measure, necessitating immediate effect for public peace, health, and safety.

Statutes affected:
introduced version: 7-37-5.1, 7-38-17, 7-38-21, 7-38-24