BERNALILLO COUNTY, N.M. – We are taking a closer look at changes coming to our state following the election. They are the results of new amendments to our state Constitution that voters passed a couple of weeks ago. 

These changes will affect almost everyone, not just in Bernalillo County but the whole state. The two amendments passed will increase property tax exemptions for our state’s veterans. So KOB 4 got to know what this means for all property owners, even if you’re not a veteran.

“Our veterans, you know, fought for our country and deserve as much property tax savings as we can provide for them,” said Damian Lara, a Bernalillo County assessor. 

Earlier this month, New Mexicans voted to increase veterans’ property tax exemptions. These come in the form of two state constitutional amendments.

Bernalillo County Assessor Damian Lara says one amendment is brand new.

“The constitutional amendment, again, when the state Legislature implements it, will allow for a proportional percentage of tax savings based on the veterans’ percentage of federally service connected disability. So 90% is a service-connected disability, 90% property tax savings,” said Lara.

The other will increase veteran property tax exemption from $4,000 to $10,000. While our veterans are saving money, their neighbors will be picking up the tab.

“We will be seeing we estimate between $25 to $125 increases for all other property owners who are not veterans to increase in proportionally,” Lara said. 

That’s statewide. Lara says some counties may feel the increase more than others, especially smaller, rural counties. 

“Bernalillo County is fortunate because we do have some gross receipts that comes in that helps operate and fund all of the taxing authorities. But many of our rural counties don’t have that additional gross receipts, and so they are disproportionately funded by property taxes,” said Lara. 

But this won’t happen right away, Lara says it will take some time to roll out these new amendments.

“It’s going to be a little bit slower process. Currently, we’ve received guidance from the Department of Taxation and Revenue. They are indicating that they’re waiting from guidance from the state Legislature. The state Legislature will have to pass enacting legislation,” said Lara.

On Thursday, at the Bernalillo County building, there will be a free event for veterans to speak with county representatives and people from the Department of Veteran Services to start the process of getting approved for the current property tax exemptions. 

This won’t include the new amendments, but the assessor says it’s good to get a head start tomorrow while everyone is under one roof.