us-nm/stat
NMSA 1978, § 7-37-4 — Head-of-family exemption
A.
Up to two thousand dollars ($2,000) of the taxable value of residential property
subject to the tax is exempt from the imposition of the tax if the property is owned by the
head of a family who is a New Mexico resident or if the property is held in a grantor trust
established under Sections 671 through 677 of the Internal Revenue Code, as those
sections may be amended or renumbered, by a head of a family who is a New Mexico
resident. The exemption allowed shall be in the following amounts for the specified
property tax years:
(1) for the property tax years 1989 and 1990, the exemption shall be eight
hundred dollars ($800);
(2) for the property tax years 1991 and 1992, the exemption shall be one
thousand four hundred dollars ($1,400); and
(3) for the 1993 and subsequent tax years, the exemption shall be two
thousand dollars ($2,000).
B.
The exemption shall be deducted from taxable value of property to determine net
taxable value of property.
C.
The head-of-family exemption shall be applied only if claimed and allowed in
accordance with Section 7-38-17 NMSA 1978 and regulations of the department.
D.
As used in this section, "head of a family" means an individual New Mexico
resident who is either:
(1) a married person, but only one spouse in a household may qualify as a
head of a family;
(2) a widow or a widower;
(3) a head of household furnishing more than one-half the cost of support of
any related person;
(4) a single person, but only one person in a household may qualify as a head
of family; or
(5) a member of a condominium association or like entity who pays property
tax through the association.
E.
A head of a family is entitled to the exemption allowed by this section only once
in any tax year and may claim the exemption in only one county in any tax year even
though the claimant may own property subject to valuation for property taxation
purposes in more than one county.
Source: official text