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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

Bill recalled from the House for further consideration by the Senate

2/17/2026

Committee Referrals

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

Full Bill Text

No bill text available