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Is there a homestead exemption in New Mexico?

April 26, 2017homestead New Mexico

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Is there a homestead exemption in New Mexico?

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A. No. The New Mexico Legislature instead opted to establish the Head of Family Exemption.

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A. No, The New Mexico Legislature has established a Head of Family exemption. Q. When may exemptions be claimed? Between January 1st and the last day of February of the current tax year. Head of Family If property changes ownership during the time of exemption, the exemption will be removed and the new owner must apply by the last day of February of the next tax year (7-38-17 NMSA 1978).