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New Mexico / State / 57th Legislature, 1st Session, 2025

Laws 2025, ch. 10 (HB 47) Raised the veteran property tax exemption to $10,000 indexed and made the disabled veteran exemption proportional to the rating

Catalog reconciledEnactedFigure movedScope changed

Signed Takes effect

Expands benefits Raised the veteran exemption to $10,000 indexed and made the disabled veteran exemption proportional to the rating.

Implemented the November 2024 constitutional amendments. NMSA 1978, § 7-37-5 now gives $4,000 through tax year 2024, $10,000 for 2025, and from 2026 the $10,000 multiplied by the ratio of the prior year's consumer price index to the 2025 index, which leaves 2026 at $10,000. § 7-37-5.1 dropped "one hundred percent" and "and total" and exempts the rating percentage of taxable value after the veteran exemption, for the 2026 and later tax years. Signed March 20, 2025, effective immediately.

Progress

Path to law: Bill in a two-chamber legislature

  1. Introduced Done, Prefiled
  2. In committee Done, House Government, Elections and Indian Affairs, then Taxation and Revenue
  3. Passed one chamber Done, House, 62-0
  4. Passed both chambers Done, Senate, 39-0
  5. Signed by the governor Done, Laws 2025, chapter 10
  6. In effect Done,

Sponsors

  • Art De La CruzSponsor, Democratic, House, District 12
  • Alan T. MartinezSponsor, Republican, House, District 23
  • Luis M. TerrazasSponsor, Republican, House, District 39
  • Natalie FigueroaCo-sponsor, Democratic, Senate, District 18

What it touches

  • NMSA 1978, § 7-37-5
  • NMSA 1978, § 7-37-5.1
  • NMSA 1978, § 7-38-17

Catalog entries (2)

Official record

Read Laws 2025, ch. 10 (HB 47) on the jurisdiction's own record