If you bought your land in the prior year, or the property changed classification (from residential to non-residential use, for instance), or you made an improvement to the structure, then your assessment is limited to an increase of 1.03% or 1.061%, depending on the assessment cycle the assessor has chosen pursuant to Section 7-36-21.2 NMSA 1978. If the following limits do not apply to your property, it will be valued as current and correct as required by Section 7-36-16 NMSA 1978.
This limitation on increases in value does not apply to:
A residential property in the first tax year that it is valued for property taxation;
Any physical improvements made to the property during the year immediately prior to the tax year, or
Valuation of a residential property in any tax year in which a change of ownership of the property occurred in the prior year, or the use or zoning of the property has changed in the prior year.