NM HB148

Limits annual valuation increases for nonresidential property to 105% of the prior year's value for tax years 2026 through 2036

Excludes from the 5% cap: newly valued properties, properties with increased square footage, properties with use/zoning changes, and reproductions of structures destroyed by declared disasters

Expands the existing affidavit filing requirement for property transfers from residential property only to all real property, requiring submission to the county assessor within 30 days of recording a deed

Exempts from affidavit requirements: transfers of land valued as agricultural property, transfers of mineral/subsurface estates only, government transfers, family transfers, and various other categories including court-ordered conveyances and trust distributions

Declares an emergency for immediate effect, applying to property tax years beginning January 1, 2026