Valuation Limitation (7-36-21.3 NMSA)
Limitation application can now be filled out online, but must 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 for 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 of and occupy the property for which the application is being submitted. This is applicable to the primary residence of the applicant only |
| (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: Means a person who has been determined to be blind or permanently disabled with medical improvements not expected pursuant to 42 USCA 421 for purposes of Federal Social Security Act or is determined to have a permanent total disability pursuant to the Workers’ Compensation Act. |
| (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 $21,600 or less. 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. |
| The applicant should be prepared to present to the assessor certified copies of state income tax forms or other documents that will provide evidence to the assessor that the applicant fulfills the income requirements. Amended tax returns shall be reported within 30 days to the assessor. Amended returns may affect your eligibility. |
| (Part III) VALUATION LIMITATION: (a) If qualified - Over 65: 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 who is disabled or who is determined in that year to be disabled first owns and occupies the property, If that Is after 2003. |
| (b) If not qualified - Upon determination that the applicant does not qualify, the assessor will notify the applicant in written form immediately.
To print out the application, or fill it out online, click HERE. Remember, the form MUST be submitted in person.
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