RESIDENTIAL PROPERTY VALUATION CHANGES

HB 377 changes how residential property taxes are calculated in New Mexico. It updates the definition of "residential property" and requires valuation authorities to use specific methods for properties owned by a single taxpayer across multiple parcels or contiguous tracts, treating them as a single unit for tax purposes. The bill also mandates that property tax notices include comparable sales data used in valuation and prohibits penalties for late taxes if notices weren't mailed on time. These changes directly affect residential property owners, especially those with multiple properties in one county, by altering how their tax value is determined and calculated.