Property tax is a yearly tax on the value of your property imposed by the state or local government. In New Mexico, property tax rates and rules are determined by each county and are used to fund local services such as schools, police and fire departments, and road maintenance. Every year your County Assessor’s office assesses the value of your home as a part of determining your property taxes, which likely will lead to an increase in taxes every year. 

Even though New Mexico caps the annual increase in property taxes at 3%, it is still a burden on some homeowners, particularly those on a fixed income. Qualifying homeowners can apply to prevent the assessed value of their property from increasing, which will reduce any future increases in property taxes.  

In order to qualify for this program in the 2024 tax year, you must meet the following criteria:  

• Be at least 65 years old AND have a modified gross income for the previous year that does not exceed $41,900. 
• Be permanently disabled (at any age) AND have a modified gross income for the previous year that does not exceed $41,900. 

The application can be found on the website of your county assessor, which we’ve compiled in a table below to make it easier for you. Once you fill out the form and gather all the required paperwork, you can print it and either mail it or drop it off at your assessor’s office. If you successfully apply for the program in three consecutive years, you become eligible for automatic renewal.