NOTICE OF REQUIREMENTS TO REPORT CERTAIN MATTERS RELATING TO PROPERTY VALUATION AND CLAIMING EXEMPTION FROM PROPERTY TAXATION

COUNTY ASSESSOR
ORDER NO. 24-35

The County Assessor hereby publishes notice to property owners, pursuant to Section 7-38-18 NMSA 1978, as follows:

1. All property subject to valuation for property taxation purposes not valued by the Assessor in 2024 for: property taxation purposes must be reported to the Assessor no later than the last day of February 2025, unless it is not subject to valuation for property taxation purposes in 2025. The report must contain the required information and be on a form that is obtained from the Assessor’s office. Section 7-38-8 NMSA 1978.
2. If you have made improvements to real property during 2024 and the improvements cost more than Ten Thousand Dollars ($10,000), the improvements must be reported to the Assessor no later than the last day of February 2025. The information required and the form may be obtained from the Assessor’s office. Section 7-38-8(C) NMSA 1978.
3. All real property owned by any nongovernmental entity and claimed to be exempt from property taxation under the provisions of Paragraph (1) of Subsection B of Section 7-36-7 NMSA 1978 shall be reported for valuation purposes to the appropriate valuation authority. If a change in eligibility status or ownership of the property has changed, the change shall be reported no later than the last day of February 2025. Section 7-38-8. l NMSA 1978.
4. If you own property that has decreased in value during 2024, and that property is subject to valuation for property taxation purposes, you must report the decrease in value to the Assessor no later than the last day of February 2025. The report must contain the required information and must be on a form that is obtained from the Assessor’s office. Section 7-38-13 NMSA 1978.
5. If you believe that your real property is entitled to a head-of-family exemption or veteran exemption from property taxation, you must apply to the Assessor for exempt status no later than thirty (30) days after the mailing of the County Assessor’s notices of valuation in order to be entitled to the exemption from taxation in 2025. Exceptions: A disabled veteran or the disabled veteran’s surviving spouse may claim eligibility without being subject to the due date, provided that the exemption shall not be allowed for property tax due for previous tax years. If any exemption from taxation was in effect for 2024 and the basis of the exempt status or use is unchanged from that year, application for exemption need not be made for 2025. If you have previously been granted an exemption and now have a change in ownership or status you must notify the Assessor of the change no later than the last day of February 2025 of the change. If required, application for exemption must contain the required information and must be on a form that is obtained from the Assessor’s office. Section 7-38-17 NMSA 1978.
6. Property subject to valuation is presumed to be nonresidential and will be so recorded by the Assessor unless you declare the property to be residential no later than the last day of February 2025. If your property has changed in use from residential to nonresidential or from nonresidential to residential use you must declare this status to the Assessor no later than the last day of February 2025. The declaration must contain the required information and must be in a form that may be obtained from the Assessor’s office. Section 7-38-17.1 NMSA 1978.
7. If you are a person who is sixty-five (65) years of age or older or disabled, and whose “modified gross income” was not greater than $42,900 in 2024 and you own and occupy a single-family dwelling you may be eligible for a limitation on the taxable value of your residence. The limitation of value specified in Subsections A, Band C under Section 7-36-21.3 NMSA 1978 shall be applied in the tax year in which the owner claiming entitlement files with the county assessor an application for the limitation. The application must contain the required information and must be on a form that is obtained from the Assessor’s office. Section 7-36-21.3 NMSA 1978.
8. If your land was valued in 2024 in accordance with the special method of valuation for land used primarily for agricultural purposes, and the land is still used primarily for agricultural purposes, you need not reapply for that special method of valuation in 2025. If your land was valued in accordance with the special method of valuation in 2024, but it is no longer used primarily for agricultural purposes, you must report the change to the Assessor no later than the last day of February 2025. If your land was not valued in accordance with that method of valuation in 2024 and it is now used primarily for agricultural purposes, application must be made under oath, in a form and contain the information required by department rules and must be made no later than thirty (30) days after the mailing of the County Assessor’s notices of valuation in order to be entitled to the exemption from taxation in 2025. Section 7-36-20 NMSA 1978.
9. If you own “livestock” that is subject to valuation for property taxation purposes, you must report such livestock to the Assessor. All such livestock present in the county on January 1, 2025 must be reported to the Assessor no later than the last day of February 2025. If the livestock is transported into the county after January 1, 2025, it must be reported to the Assessor no later than the first day of the month following the first month in which the livestock has been present in the county for twenty (20) days. The report must contain the required information and must be on forms obtained from the Assessor’s office. Section 7-36-21 NMSA 1978.
10. If you own a manufactured home [that was not previously assessed] and it was present in the county on January 1, 2025, you must report it to the Assessor no later than the last day of February 2025. The report must contain certain required information and must be on a form obtained from the Assessor’s office. Section 7-36-26 NMSA 1978.

THIS NOTICE IS ONLY A BRIEF STATEMENT OF THE PROVISIONS OF SECTIONS 7-38-8, 7-38-8.1, 7-38-13, 7-38-17, 7-38-17.1, 7-36-7, 7-36-21.3, 7-36-20, 7-36-21, and 7-36-26 NMSA 1978, and related Taxation & Revenue Department Regulations. It is not intended to reflect the full content of these provisions, which may be examined at the office of the County Assessor.

Done this 26th day of November 2024 in Santa Fe, New Mexico.

Ira Pearson, Director
Property Tax Division