THE PTD PROPERTY TAX BENEFIT
In New Mexico certain homeowners are entitled to a property tax benefit called a “value freeze” on their homes. For purposes of property tax, the value of the home will not increase each year. That effectively limits the increase in the amount of property tax the homeowner must pay year after year. This is in state tax law at §7-36-21.3.
The benefit was extended several years ago to include injured workers who have PTD or permanent total disability.
The benefit is administered by the local county assessor. To qualify, the homeowner must apply to the county assessor, providing documentation to show:
- The PTD disability status
- Low income, which is adjusted each year. The income cap for 2022 is $37,300.
If the homeowner qualifies, he or she must resubmit the low income verification for three years. After that the homeowner does not need to reapply as long as the homeowner remains low-income.
There is a standardized form which is on the website of each county assessor. The Bernalillo County version of the form is
or look here to select either the English and Spanish version of the form.
https://www.bernco.gov/assessor/exemptions-applications-other/
The Bernalillo County version also has detailed instructions. The instructions might not be on the form for every county.
New Mexico does not have a standardized form issued by the state to document permanent total disability. Therefore it is up to the local county assessor to determine what documentation will be acceptable.
If the injured worker does not have acceptable documentation certifying PTD, he or she might contact the insurer to request such a document or can contact the Workers’ Compensation Administration general counsel’s office. The office has agreed to assist PTD injured workers to verify their status.
WORKERS’ COMP PROFESSIONALS: If you are in contact with any injured workers who might qualify for this benefit, please simply share the information with them or their family members.