What is a homestead exemption?

A homestead exemption is a type of tax relief that reduces the amount of property taxes that a homeowner in New Mexico has to pay. Homeowners can apply for the exemption if they live in the property and it is their primary residence. The exemption is granted depending on the value of the property and the type of ownership. In New Mexico, the homestead exemption applies to owner-occupied residences. Exemptions range from 20% to up to 60% depending on the county. For example, in Bernalillo County, the exemption is 20%, while Rio Arriba County offers a 60% exemption. Additionally, homeowners may also qualify for additional exemptions if they are disabled, elderly, or members of the military. The homestead exemption is one way that homeowners in New Mexico can reduce their property tax burden. It is important for homeowners to understand how the exemption works and what it means for their overall taxes, so they can decide if it is a beneficial tax relief option for them.

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What is a homestead exemption?

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