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Valuation Limitation (7-36-21.3 NMSA)

Limitation application may now be filled out online, however itmust be submitted in person.  To fill the form out online, you must have Adobe Acrobat Reader 8.0 or later.

Limitation on increase in value applies to single-family dwellings occupied by low income owners who are sixty-five years of age or older or disabled.

Eligibility Requirements General: Application for the valuation limitation must be filed with the San Juan County Assessor each year no later than 30 days after receiving the Notice of Valuation.
(1 ) AGE: After the year 2001, the applicant must be age 65 or older in the year of which the application is made.
The applicant should be prepared to present to the assessor a photo ID showing the date of birth of the applicant which provides evidence that the applicant fulfills the age requirement.
(2) OCCUPANCY: Applicant must be the owner and occupant of the property for which the application is being submitted. The property listed is elegible only if it is the primary residence of the applicant and does not apply to other properties owned by the applicant.
(a) The applicant must be able to provide certified copies of relevant documents. (b) The property must be the primary residence of the applicant.
(3) DISABLED: Any person determined to be disabled by the Social Security Administration may qualify for the Valuation Limitation.
(Part I) IDENTIFICATION OF REAL PROPERTY: One of the following should be provided to the assessor to identify the property for which the application is submitted.
(a) Address of the physical location of the property (b) Legal description (c) Uniform Property Code (UPC) (d) Other property tax identification number or code
(Part II) INCOME: The previous year’s “modified gross income” must be $24,200 or less for subsection A & C and $32,000 per year or less from Subsection B. New Mexico Income Tax Act (Section 7-2-2-L) “modified gross Income” means all income of the taxpayer, and if any, the taxpayer’s spouse and dependants, undiminished by losses from whatever source derived. This applies to the total combined income of the taxpayer and his/her spouse and dependants.
The applicant should be prepared to present copies of state income tax forms for the year prior to application or any other documents that will provide evidence that the applicant fulfills the income requirements. Amended tax returns should be reported to the assessor within 30 days of the reporting to the IRS or New Mexico Taxation & Revenue Department. Amended returns may affect your eligibility.

(Part III) VALUATION LIMITATION:

(a) If qualified-65-years of age or older: Amount calculated shall not be greater than the valuation of the property for property taxation purposes in the: (1) 2001 tax year; (2) year in which the owner has his 65th birthday, if that is after 2001; or (3) tax year following the tax year in which an owner who turns 65 or is 65 years of age or older first owns and occupies the property if that is after 2001.

(b) If qualified-disabled: Amount calculated shall not be greater than the valuation of the property for property taxation purposes in the (1) 2003 tax year; (2) year in which the owner is determined to be disabled, if that is after 2003; or (3) tax year following the tax year in which an owner is disabled or who is determined, in that year, to be disabled first owns and occupies the property if that is after 2003.

(c) If not qualified: Upon determination that the applicant does not qualify, the assessor will immediately notify the applicant in written form.

To print out the application, or fill it out online, click HERE.

 Remember, the form MUST be submitted in person.

 

     

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