Question 1

What is the homestead exemption in New Mexico?

Accepted Answer

New Mexico's main owner-occupied relief is the head-of-family exemption, claimed with the county assessor. An owner who believes their real property is entitled to the head-of-family exemption must apply to the county assessor (see application_deadline).

Question 2

How do you apply for a homestead exemption in New Mexico?

Accepted Answer

Apply to the county assessor on the assessor's form. If an exemption was in effect the prior year and the basis for it is unchanged, a new application is not needed; if ownership or status changes, notify the assessor by the last day of February. Owners must also declare property as residential by the last day of February (property is otherwise presumed nonresidential).

Question 3

When is the deadline to apply for a homestead exemption in New Mexico?

Accepted Answer

Applications for the head-of-family or veteran exemption are due no later than 30 days after the county assessor mails the notices of valuation (stated for tax year 2025). A disabled veteran or the disabled veteran's surviving spouse may claim the exemption without being subject to that due date, but not for prior tax years.

Question 4

Do seniors get a property tax exemption in New Mexico?

Accepted Answer

Owners who are 65 or older or disabled, whose modified gross income was not greater than $42,900 in 2024, and who own and occupy a single-family dwelling may be eligible for a limitation (freeze) on the taxable value of the residence. The limitation applies in the tax year in which the owner files an application with the county assessor on the assessor's form.

Question 5

Do disabled veterans pay property tax in New Mexico?

Accepted Answer

Standard veteran exemption: up to $10,000 of the taxable value of property owned by a veteran or unmarried surviving spouse who is a New Mexico resident (certain discharges make a veteran ineligible). Disabled veteran exemption: property owned by a veteran determined under federal law to have a service-connected disability (including property owned jointly or as community property with a spouse) may be exempt if the veteran lives there as a principal residence. Both use the Department of Veterans Services form DVS1.

Question 6

Is there a property tax exemption for people with disabilities in New Mexico?

Accepted Answer

Disabled owners (not only veterans) who own and occupy a single-family dwelling and whose modified gross income was not greater than $42,900 in 2024 may qualify for the same valuation limitation available to people 65 or older.

Homestead exemption	New Mexico's main owner-occupied relief is the head-of-family exemption, claimed with the county assessor. An owner who believes their real property is entitled to the head-of-family exemption must apply to the county assessor (see application_deadline). Source: NM Taxation and Revenue Dept., Property Tax Division Order No. 24-35, Notice of Reporting Requirements (tax year 2025); NMSA 1978 § 7-38-17
How to apply	Apply to the county assessor on the assessor's form. If an exemption was in effect the prior year and the basis for it is unchanged, a new application is not needed; if ownership or status changes, notify the assessor by the last day of February. Owners must also declare property as residential by the last day of February (property is otherwise presumed nonresidential). Source: NM Taxation and Revenue Dept., Property Tax Division Order No. 24-35, Notice of Reporting Requirements (tax year 2025); NMSA 1978 §§ 7-38-17, 7-38-17.1
Application deadline	Applications for the head-of-family or veteran exemption are due no later than 30 days after the county assessor mails the notices of valuation (stated for tax year 2025). A disabled veteran or the disabled veteran's surviving spouse may claim the exemption without being subject to that due date, but not for prior tax years. Source: NM Taxation and Revenue Dept., Property Tax Division Order No. 24-35, Notice of Reporting Requirements (tax year 2025); NMSA 1978 § 7-38-17

Senior exemptions and freezes	Owners who are 65 or older or disabled, whose modified gross income was not greater than $42,900 in 2024, and who own and occupy a single-family dwelling may be eligible for a limitation (freeze) on the taxable value of the residence. The limitation applies in the tax year in which the owner files an application with the county assessor on the assessor's form. Income figure is from the tax year 2025 notice (2024 income). Source: NM Taxation and Revenue Dept., Property Tax Division Order No. 24-35, Notice of Reporting Requirements (tax year 2025); NMSA 1978 § 7-36-21.3
Veteran exemptions	Standard veteran exemption: up to $10,000 of the taxable value of property owned by a veteran or unmarried surviving spouse who is a New Mexico resident (certain discharges make a veteran ineligible). Disabled veteran exemption: property owned by a veteran determined under federal law to have a service-connected disability (including property owned jointly or as community property with a spouse) may be exempt if the veteran lives there as a principal residence. Both use the Department of Veterans Services form DVS1. Source: NM Department of Veterans Services, State Benefits
Disability exemptions	Disabled owners (not only veterans) who own and occupy a single-family dwelling and whose modified gross income was not greater than $42,900 in 2024 may qualify for the same valuation limitation available to people 65 or older. Source: NM Taxation and Revenue Dept., Property Tax Division Order No. 24-35, Notice of Reporting Requirements (tax year 2025); NMSA 1978 § 7-36-21.3

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