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NM HB103

Bill

Official Source

Status

Engrossed

2/11/2026

Primary Sponsor

Cristina Parajon

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Removes zoning changes from the list of exceptions that trigger property revaluation at full market value for residential properties
  • Under current law, residential property values cannot increase more than 3% annually (or 6.1% over two years), but this cap is lifted when property use or zoning changes
  • The amendment deletes "or zoning" from the statute, meaning only a change in actual use—not a zoning reclassification—would remove the valuation cap protection
  • Applies to property tax years beginning on or after January 1, 2026

Legislative Description

Cap Residential Property Tax Rates

Last Action

Action Postponed Indefinitely

2/17/2026

Committee Referrals

Taxation, Business and Transportation2/12/2026
Commerce & Economic Development1/22/2026

Full Bill Text

No bill text available