New Mexico offers two property tax rebates that may help reduce housing costs for qualifying taxpayers. Depending on your age, income, and county of residence, you may qualify for one or both rebates.
Property Tax Rebate for Persons Age 65 or Older
This rebate is based on property tax billed or rent paid during the tax year for your principal residence in New Mexico.
The maximum rebate is:
- $250 for most taxpayers
- $125 for taxpayers filing Married Filing Separately
Important: No rebate is available for property that is not subject to property tax.
Qualifications
To qualify, all of the following must be true:
- Your modified gross income is $16,000 or less.
- You were 65 or older on the last day of the tax year.
- You were a New Mexico resident during the tax year.
- You were physically present in New Mexico for at least six months during the tax year.
- You were not eligible to be claimed as a dependent by another taxpayer.
- You were not an inmate of a public institution for more than six months during the tax year.
Principal Residence Limitation
Only the dwelling, related structures, and the amount of land reasonably necessary to use the home as a residence may be included when calculating the rebate. The surrounding land may not exceed five acres.
If you own more acreage than is reasonably necessary to maintain the residence, you must adjust the property tax amount to reflect only the qualifying residence portion.
Additional Low-Income Property Tax Rebate
Residents of Los Alamos County, Santa Fe County, Doña Ana County, or Bernalillo County may qualify for an additional property tax rebate.
The maximum rebate is:
- $350 for most taxpayers
- $175 for taxpayers filing Married Filing Separately
Important: No rebate is available for property that is not subject to property tax.
Qualifications
To qualify, all of the following must be true:
- Your principal residence is located in Los Alamos County, Santa Fe County, Doña Ana County, or Bernalillo County.
- Your modified gross income is $24,000 or less.
- You were a New Mexico resident during the tax year.
- You were physically present in New Mexico for at least six months during the tax year.
- You were not eligible to be claimed as a dependent by another taxpayer.
- You were not an inmate of a public institution for more than six months during the tax year.
Important Note
There is no age requirement for this rebate.
If you are 65 or older and live in Los Alamos County, Santa Fe County, Doña Ana County, or Bernalillo County, you may qualify for both the Property Tax Rebate for Persons 65 or Older and the Additional Low-Income Property Tax Rebate.
Where Do I Enter the Property Tax Rebate?
To enter either rebate in the program:
- Go to State Section.
- Select the three dots to edit the New Mexico return.
- Select Credits.
- Choose:
- Property Tax Rebate for Persons 65 or Older, or
- Low Income Property Tax Rebate for Los Alamos, Santa Fe, Doña Ana, or Bernalillo County Residents Only.
These rebates are generally claimed on Schedule PIT-RC (New Mexico Rebate and Credit Schedule) and carried to your New Mexico return.