us-nm/stat
NMSA 1978, § 7-37-5 — Veteran exemption
A.
An amount as provided in Subsection B of this section of the taxable value of
property, including the community or joint property of married individuals, subject to the
tax is exempt from the imposition of the tax if the property is owned by a veteran or the
veteran's unmarried surviving spouse if the veteran or surviving spouse 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 of 1986, as those sections may be
amended or renumbered, by a veteran or the veteran's unmarried surviving spouse if
the veteran or surviving spouse is a New Mexico resident. The exemption shall be
deducted from the taxable value of the property to determine the net taxable value of
the property.
B.
The exemption allowed shall be in the following amounts for the specified tax
years:
(1) for tax years 2006 through 2024, four thousand dollars ($4,000);
(2) for tax year 2025, ten thousand dollars ($10,000); and
(3) for tax year 2026 and subsequent tax years, the amount provided in
Paragraph (2) of this subsection, adjusted for inflation pursuant to Subsection C of this
section.
C.
For tax year 2026 and subsequent tax years, the amount of exemption shall be
adjusted to account for inflation. The department shall make the adjustment by
multiplying ten thousand dollars ($10,000) by a fraction, the numerator of which is the
consumer price index ending during the prior tax year and the denominator of which is
the consumer price index ending in tax year 2025. The result of the multiplication shall
be rounded down to the nearest one hundred dollars ($100), except that if the result
would be an amount less than the corresponding amount for the preceding tax year,
then no adjustment shall be made.
D.
The department shall publish annually the amount determined by the calculation
made pursuant to Subsection C of this section and provide the calculated amount to
each county assessor no later than December 1 of the prior tax year.
E.
The veteran exemption shall be applied only if claimed and allowed in
accordance with Section 7-38-17 NMSA 1978 and regulations of the department.
F.
As used in this section, "veteran" means an individual who:
(1) has been honorably discharged from membership in the armed forces of
the United States; and
(2) except as provided in this section, served in the armed forces of the
United States on active duty continuously for ninety days.
G.
For the purposes of Subsection F of this section, a person who would otherwise
be entitled to status as a veteran except for failure to have served in the armed forces
continuously for ninety days is considered to have met that qualification if the person
served for less than ninety days and the reason for not having served for ninety days
was a discharge brought about by service-connected disablement.
H.
For the purposes of Subsection F of this section, a person has been "honorably
discharged" unless the person received either a dishonorable discharge or a discharge
for misconduct.
I.
For the purposes of this section, a person whose civilian service has been
recognized as service in the armed forces of the United States under federal law and
who has been issued a discharge certificate by a branch of the armed forces of the
United States shall be considered to have served in the armed forces of the United
States.
Source: official text