New Mexico legislation · 2026 Regular Session
New Mexico HB148: PROPERTY TAX AFFIDAVITS
Status: Failed, January 27, 2026
What the bill says
An act relating to property tax; amending and enacting sections of the property tax code; requiring an affidavit to be filed with the county assessor for the transfer of certain real property; excluding certain real property transfers from the requirement to file an affidavit; providing temporary limitations on the valuation of nonresidential property; declaring an emergency.
From the introduced text, January 26, 2026:
AN ACT RELATING TO PROPERTY TAX; AMENDING AND ENACTING SECTIONS OF THE PROPERTY TAX CODE; REQUIRING AN AFFIDAVIT TO BE FILED WITH THE COUNTY ASSESSOR FOR THE TRANSFER OF CERTAIN REAL PROPERTY; EXCLUDING CERTAIN REAL PROPERTY TRANSFERS FROM THE REQUIREMENT TO FILE AN AFFIDAVIT; PROVIDING TEMPORARY LIMITATIONS ON THE VALUATION OF NONRESIDENTIAL PROPERTY; DECLARING AN EMERGENCY. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. A new section of the Property Tax Code, Section 7-36-21.4 NMSA 1978, is enacted to read: "7-36-21.4. [NEW MATERIAL] TEMPORARY LIMITATION ON NONRESIDENTIAL PROPERTY VALUATION.-- A. Nonresidential property shall be valued at its current and correct value in accordance with the provisions of the Property Tax Code; provided that for the 2026 through 2036 .233235.2 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ tax years, the value of a property in any tax year shall not exceed one hundred five percent of the value in the tax year prior to the tax year in which the property is being valued. B. The limitation on increases in value in Subsection A of this section does not apply to: (1) a nonresidential property in the first tax year that the property is valued for property taxation purposes; (2) any increase of square footage of physical improvements on a property during the year …
Sponsors
- Patricia A. Lundstrom (D, HD-009) · primary sponsor
- Derrick J. Lente (D, HD-065)
- Javier Martínez (D, HD-011)
- Mark Duncan (R, HD-002)
- Michael Padilla (D, SD-014)
- Doreen Y. Gallegos (D, HD-052)
- D. Wonda Johnson (D, HD-005)
Latest actions
- : Sent to HCEDC - Referrals: HCEDC/HTRC
- : Withdrawn from committee or daily calendar, ordered printed and referred to
- : Not Printed
- : Action Postponed Indefinitely
Subjects: PROPERTY (conservancy districts, land grants, real estate), LOCAL GOVERNMENT, TAXATION, PROPERTY
Common questions
- What is HB148?
- HB148 is a bill in the New Mexico Legislature (2026 Regular Session): PROPERTY TAX AFFIDAVITS.
- What does HB148 do?
- In its own words: An act relating to property tax; amending and enacting sections of the property tax code; requiring an affidavit to be filed with the county assessor for the transfer of certain real property; excluding certain real property transfers from the requirement to file an affidavit; providing temporary limitations on the valuation of nonresidential property; declaring an emergency.
- What is the status of HB148?
- Failed as of January 27, 2026. Latest action: Sent to HCEDC - Referrals: HCEDC/HTRC (January 27, 2026).
- Who sponsored HB148?
- Patricia A. Lundstrom (D, HD-009), with 6 co-sponsors.
- Where is the official record for HB148?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=148&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.