PROPERTY TAX CODE DEFINITIONS

Summary

The bill revises Section 7-35-2 of New Mexico's Property Tax Code, updating the definition of “residential property” and adding several new terms such as “abandoned real property,” “livestock,” and “net taxable value.” It applies to all property owners and the Taxation and Revenue Department, affecting how properties are classified for tax purposes. The changes are intended to clarify tax assessments and create consistent terminology across the code.

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