New Mexico House approves bill to expand property tax exemptions for veterans

Organ Mountain News report

SANTA FE - A bill aimed at increasing property tax exemptions for military veterans and their surviving spouses passed unanimously in the New Mexico House of Representatives and now moves to the Senate for consideration.

House Bill 47 would raise the current property tax exemption from $4,000 to $10,000 and provide additional exemptions for veterans with service-related disabilities. If approved by the Legislature and signed into law, the increase would take effect in the 2025 tax year, with the exemptions for disabled veterans implemented the following year.

“We owe it to the men and women who served our country to protect their dignity and welfare when they return to civilian life,” said bill sponsor Rep. Art De la Cruz, D-Albuquerque. “I am proud to honor the legacy of my late friend, colleague, and proud veteran Rep. Eliseo Alcon by sponsoring this legislation to make these benefits he fought so tirelessly for official.”

The bill is part of a broader set of legislative proposals aimed at addressing the financial challenges faced by New Mexicans, particularly in response to inflation.

For more details on the legislation, visit the New Mexico Legislature’s website.