Yes. Depending on income level, taxpayers 65 years of age or older may be eligible for a deduction from taxable income of up to $8,000 each. Low-income taxpayers may also qualify for a property tax rebate even if they rent their primary residence. Beginning with tax year 2002 persons 100 years of age or more who are not dependents of other taxpayers are exempt from filing and paying New Mexico personal income tax.
The state also provides an income tax exemption of up to $3,000 to those 65 and older for medical expenses for either that person or his or her spouse or dependents. The expenses must exceed $28,000 and must not be reimbursed or compensated by other means like health insurance or Medicaid. That same taxpayer may also claim an additional refundable credit of up to $2,800 for unreimbursed or uncompensated medical expenses