All Roll Calls
Yes: 101 • No: 0
New MexicoHB 472025 Regular SessionHouseWALLET
VETERAN PROPERTY TAX EXEMPTIONS
Sponsored By: Art De La Cruz (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
More home tax relief for disabled veterans
Starting in tax year 2026, veterans with permanent service-connected disabilities who meet discharge requirements get an exemption on their main home. The exempt value equals their federal disability percentage times the home's value after subtracting the regular veteran exemption; savings depend on the tax rate. Qualifying grantor trusts also qualify, and a spouse married to the veteran at death can retain relief by continuously living there. Approved veterans or surviving spouses who move can keep relief on the old home for the year's remainder or transfer it to their new main home, even after the 30-day deadline following the assessor's mailed valuation notice. Disabled veterans and unmarried surviving spouses who provide required proof receive relief for the tax year eligibility is established despite the usual deadline, but not for earlier years.
Bigger property tax break for veterans
Starting with the 2026 tax year, the law applies a higher veteran property tax exemption. It raises the exempt taxable value from $4,000 to a $10,000 base set for 2025. Beginning in 2026, annual inflation adjustments are rounded down to the nearest $100, and the exemption cannot decrease. Eligible New Mexico resident veterans and unmarried surviving spouses must claim the exemption for property they own, including qualifying grantor trusts. This lowers taxable value, not the tax bill dollar-for-dollar; savings depend on the property tax rate.
Sponsors & Cosponsors
Sponsor
Art De La Cruz
Democratic • House
Cosponsors
Alan T. Martinez
Republican • House
Luis M. Terrazas
Republican • House
Natalie Figueroa
Democratic • Senate
Roll Call Votes
Senate vote • 3/12/2025
Final Senate Vote
Yes: 39 • No: 0
House vote • 2/15/2025
Final House Vote
Yes: 62 • No: 0
Actions Timeline
Signed by Governor - Chapter 10 - Mar. 20
3/20/2025SenatePassed in the Senate - Y:39 N:0
3/12/2025SenateSJC: Reported by committee with Do Pass recommendation
3/11/2025SenateSTBTC: Reported by committee with Do Pass recommendation
3/6/2025SenateSent to STBTC - Referrals: STBTC/SJC
2/17/2025SenatePassed in the House of Representatives - Y:62 N:0
2/15/2025HouseHTRC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution
2/12/2025HouseHGEIC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution
1/30/2025HouseSent to HGEIC - Referrals: HGEIC/HTRC
1/22/2025SenateSent to HPREF - Referrals: HPREF
Senate
Bill Text
Final Version
3/20/2025
SJC Committee Report 3/11/25
3/11/2025
STBTC Committee Report 3/06/25
3/6/2025
HTRC Committee Report 2/12/25
2/12/2025
HTRC Committee Substitute 2/12/25
2/12/2025
HGEIC Committee Report 1/30/25
1/30/2025
HGEIC Committee Substitute 1/30/25
1/30/2025
Introduced
1/6/2025