VETERAN PROPERTY TAX EXEMPTIONS

SB 192 amends New Mexico's property tax code to update veteran exemptions based on recent voter-approved constitutional changes. It directly affects veterans and disabled veterans' surviving spouses by allowing their property tax exemptions to be transferred to a surviving spouse in the same tax year through a written request to the county assessor. The bill also modifies valuation rules for residential properties, limiting annual value increases (with exceptions for solar installations, disaster repairs, or ownership changes) and removing requirements for mailing residential property declarations to owners. These changes aim to clarify and streamline property tax administration while maintaining key veteran benefits.