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.
What is modified gross income?
- According to the New Mexico Tax Act, your modified gross income is determined by totaling all your income for the previous year, regardless of where that income came from. This means that both your taxable and untaxable income are factored into this total. To prove that you meet this condition in your application, you must provide all necessary documents to prove your income for the previous year.
Will I be required to prove my age?
- Providing a photo ID is required and will be proof of your age if that is how you qualify.
Will I be required to prove I have a disability?
- If you are younger than 65 but have a permanent disability, you will have to provide official documentation of the disability to qualify for the program.
Does this affect the value of my property?
- No, it does not affect the value of your property. It just freezes your current year’s tax valuation amount, so that the amount you pay in taxes does not increase every year.
I own a manufactured home. Do I qualify?
- Manufactured homes only qualify if they are on a permanent foundation and valued as a single-family home on your county assessor’s property tax roll.
I make slightly over $41,900. Do I qualify?
- Unfortunately, no. County Assessors’ offices will not except applications with income over the $41,900 income. Income requirements change every year for this program, so we recommend checking again the following year.
I have more than one property. Can I fill out an application for each property?
- You can only apply for the property you own and occupy.
Do I have to apply every year?
- You must apply for three consecutive years and then it becomes permanent.
Where can I find the application for my county?
- Take a look at the chart below. Some counties do not have their 2024 applications available online, so we recommend reaching out directly to your county assessor.
2024 Property Tax freeze forms by county
Spanish: Contact Edward Becenti (505-863-3032)
Spanish: Contact George Chandler (firstname.lastname@example.org or 505-662-8030)
Spanish: Contact email@example.com or 505-222-3700
Spanish (located on page 2)
Spanish: Contact Sam Kelley (firstname.lastname@example.org or 575-763-5731)