Cap Residential Property Tax Rates

Also relevant to:Homeowner

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Plain-English Summary

This bill changes the rules for how much the value of residential property can increase for tax purposes in New Mexico. Currently, if the use or zoning of a property changes, the limit on valuation increases does not apply. This bill removes "or zoning" from that exception, meaning that a change in zoning alone would no longer automatically remove the valuation increase limitation. This change would apply to property tax years starting on or after January 1, 2026.

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