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Treasurer outlines impacts of House Bill 47 that raises veteran property-tax exemption
Summary
Sandoval County staff summarized House Bill 47, signed March 20, 2025, which raises veteran property-tax exemptions from $4,000 to $10,000 and phases in a disability-rated exemption starting in 2026.
County staff summarized recent state legislation, House Bill 47, and its implications for Sandoval County property-tax exemptions.
Jessica, speaking for the treasurer's office, told the Board of Finance that House Bill 47 passed both chambers and was signed by the governor on March 20, 2025. "House Bill 47 was significantly increased the veteran property tax exemption from 4,000 to 10,000," Jessica said. She said the bill implements a constitutional amendment that extends the exemption to disabled veterans based on their federal disability rating beginning in 2026 and that the $10,000 exemption for all veterans will be adjusted for inflation annually starting in 2026.
Jessica noted the bill also clarifies the definition of veteran, addresses conditions for surviving spouses and properties held in grantor trusts, and implements a partial-disability exemption that does not take effect until January 2026. Staff referenced the full bill in the meeting packet (tab 2) and offered to provide additional implementation details as they coordinate administrative updates required to apply the changes in county tax administration.
No formal action on local implementation was taken at the meeting; staff said they would share follow-up information and data as processing of second-half tax payments concludes.
