Veteran Tax Exemption Headed to House Floor

Santa Fe, N.M. – Legislation to improve property tax exemptions for military veterans is now headed to the House Floor after unanimously passing the House Taxation and Revenue Committee today.

House Bill 47 would increase the existing property tax exemption of $4,000 up to $10,000 and allow additional exemptions for veterans with service-related disabilities. If passed by the legislature and signed into law by the Governor, the increase would go into effect for the 2025 tax year, with the disabled veteran exemptions going into effect the following year.

"The men and women who selflessly served our country and protected our freedoms deserve a good quality of life when they return from duty," said lead sponsor Rep. Art De la Cruz (D-Albuquerque). "House Bill 47 makes sure our veterans, who are often on fixed incomes or may be unable to work due to injuries from their service, are not overburdened by taxes on their homes, helping them to maintain stable living situations."

House Bill 47 is also sponsored by Reps. Alan Martinez (R-Rio Rancho) and Luis Terrazas (R-Santa Clara).

This bill is part of a slate of legislation presented by House Democrats this session to help ease the burdens of inflation and make life more affordable for New Mexicans across our state.

Members of the public are welcome to attend floor sessions and committee meetings at the New Mexico Roundhouse, and can tune in virtually through the New Mexico Legislature's Webcasts tab. Public comment can also be provided in-person, and via phone or Zoom as directed on the daily schedule.