Senior, Veteran and Disability Property Tax Relief in New Mexico
Property tax exemptions, freezes and credits in New Mexico for seniors, disabled veterans and people with disabilities.
Short 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. 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
| 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). |
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| 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. |
| 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. |
More New Mexico property tax & homestead exemptions
FAQ
Do seniors get a property tax exemption in New Mexico?
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.
Do disabled veterans pay property tax in New Mexico?
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.
Is there a property tax exemption for people with disabilities in New Mexico?
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.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.