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. Below you will find the English/Spanish Application for valuation limitation:

                              English Form

                              Spanish Form

Application is for current tax year only and is based on the previous year's 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 disability 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 to 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 $41,900 per year or less.  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 days of the reporting to the IRS or New Mexico Taxation and Revenue Department.  Amended returns may affect your eligibility.

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

                                                                                      

Part IV - VALUATION LIMITATION:  (to be completed by the County Assessor).                                                                                                                                                        

7-36-21.3. 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; requirements; penalties.

A. The valuation for property taxation purposes of a single-family dwelling owned and occupied by a person who is sixty-five years of age or older or disabled and whose modified gross income for the prior taxable year did not exceed the greater of thirty-five thousand dollars ($35,000) or the amount calculated pursuant to Subsection F of this section shall not be greater than the assessed valuation of the property for property taxation purposes:

(1)       For a person sixty-five years of age or older in the tax year in which the owner qualifies and files an application; or

(2)       For a person who is disabled in the tax year in which the owner qualified and files an application for the limitation provided by this section.

**If not qualified: - Upon determination that the applicant does not qualify, the Assessor will immediately notify the applicant in written form.