APPLICATION FOR LIMITATION ON INCREASE IN VALUE SINGLE FAMILY DWELLING OCCUPIED BY LOW INCOME OWNERS AGE 65 AND OVER OR DISABLED

If you are a Low Income home owner age 65 and over or Disabled you may be eligible for limitation on increase of valuation on your primary residence. Please fill out and return application to Rio Arriba County Assessor PO Box 277 Tierra Amarilla NM 87575. Clicking on this link will take you to the application Application for valuation limitation 

Application is for current tax year only and is based on the previous years gross income.

Once you have applied and been granted the application for three (3) consecutive years, there is no need to reapply, unless you have increase in income.

 



Eligibility Requirements

1) Age - Applicants must be age 65 years or older and must be prepared to provide photo id showing his/her date of birth.

2) Occupancy - Applicants must be owner or occupant of the property for which the application is being submitted. The property must be 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 the federal Social Security Act (42 USC 301 et seq,) or is determined to have a permanent total disablity pursuant to the Worker's Compensation Act (Chapter 52 Article 1 NMSA 1978).

Part I - IDENTIFICATION OF REAL PROPERTY
One of the following should be provided ot the assessor to identify the property for which the application is being submitted.
a) Physical Address of the Property
b) Legal Description
c) Uniform Property Code (UPC)
d) Other property tax identification numbers or codes

Part II - INCOME:
The previous year's modified gross income must be $25,000 or less for subsections A & C, and $32,000 per year or less for subsection B.  New Mexico Income Tax Act (Section 7-2-2.L) states modified gross income means all income, undiminished by losses from whatever source derived. This applies to the total combined income of the taxpayer and his/her spouse and dependents.

The applicant should be prepared to present copies of the 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 daysof the reporting to th IRS or New Mexico Taxation and Revenue Departement.  Amended returns may affect your eligibility.

Part III - Valuation Limitation (to be completed by the County Assessor).