NM HB37

Expands the definition of "agricultural use" for property tax valuation purposes to include land resting due to a man-made infrastructure failure in a special water district that results in 70% or less water delivery compared to the previous year

Requires special water districts experiencing such infrastructure failures to immediately certify the water scarcity to the appropriate county assessor, with annual certification required as long as the failure continues

Defines "special water district" to include conservancy districts, acequias, community ditch associations, irrigation districts, artesian conservancy districts, and other entities with statutory authority to deliver water in New Mexico

Protects agricultural landowners from losing their special agricultural property tax valuation when they cannot farm due to water delivery failures beyond their control

Applies to property tax years beginning on or after January 1, 2026