Round Rio Rancho

If you own a home, are over 65 years of age with moderate income, or if you are disabled, the State of New Mexico may have a gift for you….

Under a state law revised in 2008, if you meet the above criteria you may be able to freeze the property tax valuation on your home at a lower level. Here are the particulars:

You must apply for qualification under this program each year, no later than 30 days after receiving the Notice of Valuation. After the year 2001, the applicant must be 65 or more years old (in the year the application is made). The applicant must be the owner and occupant of the property and it must be their primary residence.
 
If you are applying based upon disability instead of age, you must be blind or permanently disabled and not be expected to improve (medically).
The previous year’s modified gross income must be $32,000 or less (including all income from a spouse and dependents).

Although qualification under this program does not guarantee that your property taxes will not increase (as the mill levy rate can still adjust), the property valuation will stay the same (and that will certainly help keep the taxes down). The application is a simple, one-page form that should take 5 minutes to complete (if you have your tax return handy).

Tags: disabled, exemption, increase, limit, low income, New Mexico, NM, property tax, property taxes

Categories: Owning a Home ,Real Estate