SB 149

                                1  SENATE BILL 149
                                2      57TH LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 2026
                                3  INTRODUCED BY
                                4  Jay C. Block and Harlan Vincent
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                                10  AN ACT
                                11   RELATING TO TAXATION; AMENDING THE DEFINITION OF "RESIDENTIAL
                                12   PROPERTY" IN THE PROPERTY TAX CODE.
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                                14   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
                                15        SECTION 1.     Section 7-35-2 NMSA 1978 (being Laws 1973,
                                16   Chapter 258, Section 2, as amended) is amended to read:
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                                17        "7-35-2.     DEFINITIONS.--As used in the Property Tax Code:
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                                18  A.   "abandoned real property" means real property:
                                19  (1)   that is part of a subdivision where the
                                20   subdivision has a minimum of five thousand lots in delinquency
                                21   on the department's delinquent property tax list as prepared by
                                22   the appropriate county treasurer pursuant to Section 7-38-61
                                23   NMSA 1978 as of January 1, 2019;
                                24  (2)   of which the subdivided lots are vacant;
                                25  (3)   that is part of a subdivision plotted on
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                                1    or before 1980;
                                2  (4)   the property taxes, penalties and interest
                                3    of which are delinquent for at least ten years; and
                                4  (5)   that does not include property with
                                5    existing homes, businesses or other habitable structures;
                                6  B.   "department" or "division" means the taxation
                                7    and revenue department, the secretary of taxation and revenue
                                8    or any employee of the department exercising authority lawfully
                                9    delegated to that employee by the secretary;
                                10  C.   "director" means the secretary;
                                11  D.   "livestock" means cattle, buffalo, horses,
                                12   mules, sheep, goats, swine, ratites and other domestic animals
                                13   useful to humans;
                                14  E.   "manufactured home" means a manufactured home as
                                15   that term is defined in Section 66-1-4.11 NMSA 1978;
                                16  F.   "net taxable value" means the value of property
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                                17   upon which the tax is imposed and is determined by deducting
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                                18   from taxable value the amount of any exemption authorized by
                                19   the Property Tax Code;
                                20  G.   "nonresidential property" means property that is
                                21   not residential property;
                                22  H.   "owner" means the person in whom is vested any
                                23   title to property;
                                24  I.   "person" means an individual or any other legal
                                25   entity;
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                                1  J.   "property" means tangible property, real or
                                2    personal;
                                3  K.   "residential property" means property consisting
                                4    of one or more dwellings together with appurtenant structures,
                                5    the land underlying both the dwellings and the appurtenant
                                6    structures and a quantity of land reasonably necessary for
                                7    parking and other uses that facilitate the use of the dwellings
                                8    and appurtenant structures.     As used in this subsection,
                                9    "dwellings" includes both manufactured homes and other
                                10   structures when used primarily for [permanent] human habitation
                                11   and that are leased or rented to lodgers for any duration, but
                                12   the term does not include [structures when used primarily for
                                13   temporary or transient human habitation such as] hotels, motels
                                14   and similar commercial structures;
                                15  L.   "secretary" means the secretary of taxation and
                                16   revenue and, except for purposes of Section 7-35-6 NMSA 1978
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                                17   and Paragraphs (1) and (2) of Subsection B of Section 9-11-6.2
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                                18   NMSA 1978, also includes the deputy secretary or a division
                                19   director or deputy division director delegated by the
                                20   secretary;
                                21  M.   "tax" means the property tax imposed under the
                                22   Property Tax Code;
                                23  N.   "taxable value" means the value of property
                                24   determined by applying the tax ratio to the value of the
                                25   property determined for property taxation purposes;
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                                1  O.   "tax rate" means the rate of the tax expressed
                                2    in terms of dollars per thousand dollars of net taxable value
                                3    of property;
                                4  P.   "tax ratio" means the percentage established
                                5    under the Property Tax Code that is applied to the value of
                                6    property determined for property taxation purposes in order to
                                7    derive taxable value; and
                                8  Q.   "tax year" means the calendar year."
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