New Mexico legislation · 2026 Regular Session
New Mexico HB103: CAP RESIDENTIAL PROPERTY TAX RATES
Status: Passed one chamber, February 17, 2026
What the bill says
An act relating to taxation; allowing a limitation on increases in valuation of residential property if the zoning of the property has changed.
From the introduced text, January 16, 2026:
AN ACT RELATING TO TAXATION; ALLOWING A LIMITATION ON INCREASES IN VALUATION OF RESIDENTIAL PROPERTY IF THE ZONING OF THE PROPERTY HAS CHANGED. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 7-36-21.2 NMSA 1978 (being Laws 2000, Chapter 10, Section 2, as amended) is amended to read: "7-36-21.2. LIMITATION ON INCREASES IN VALUATION OF RESIDENTIAL PROPERTY.-- A. Residential property shall be valued at its current and correct value in accordance with the provisions of the Property Tax Code; provided that for the 2001 and subsequent tax years, the value of a property in any tax year shall not exceed the higher of one hundred three percent of the value in the tax year prior to the tax year in which the .233087.1 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ property is being valued or one hundred six and one-tenth percent of the value in the tax year two years prior to the tax year in which the property is being valued. This limitation on increases in value does not apply to: (1) a residential property in the first tax year that it is valued for property taxation purposes; (2) any physical improvements, except for solar energy system installations, made to the property during the year immediately prior to the tax year or …
Sponsors
- Cristina Parajón (D, HD-025) · primary sponsor
- Heather Berghmans (D, SD-015)
- Rod Montoya (R, HD-001)
Latest actions
- : Bill recalled from the House for further consideration by the Senate
- : Failed to Pass in the Senate, Bill Has Died
- : STBTC: Reported by committee with Do Pass recommendation
- : Sent to STBTC - Referrals: STBTC
- : Passed in the House of Representatives - Y:54 N:10
- : HTRC: Reported by committee with Do Pass recommendation
- : HCEDC: Reported by committee with Do Pass recommendation
- : Sent to HCEDC - Referrals: HCEDC/HTRC
- : Action Postponed Indefinitely
- : Sent to HPREF - Referrals: HPREF
Votes
- Senate Floor Vote (February 17, 2026): 16 yea, 26 nay, failed
- House Floor Vote (February 11, 2026): 54 yea, 10 nay, passed
Subjects: PROPERTY (conservancy districts, land grants, real estate)
Common questions
- What is HB103?
- HB103 is a bill in the New Mexico Legislature (2026 Regular Session): CAP RESIDENTIAL PROPERTY TAX RATES.
- What does HB103 do?
- In its own words: An act relating to taxation; allowing a limitation on increases in valuation of residential property if the zoning of the property has changed.
- What is the status of HB103?
- Passed one chamber as of February 17, 2026. Latest action: Bill recalled from the House for further consideration by the Senate (February 17, 2026).
- Who sponsored HB103?
- Cristina Parajón (D, HD-025), with 2 co-sponsors.
- Where is the official record for HB103?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=103&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.