Legislation would increase state property tax exemptions for military veterans
Santa Fe, N.M. – Legislation to improve property tax exemptions for military veterans and their surviving spouses is now headed to the Senate after unanimously passing the House of Representatives today.
House Bill 47 would increase the existing property tax exemption of $4,000 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 exemptions for disabled veterans going into effect 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 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."
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.
