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House Bill 47 veterans exemption could cut Sandoval County taxable base, treasurer warns
Summary
Treasurer Taylor briefed the board on House Bill 47, a state veterans-exemption bill that would increase existing exemptions and may substantially reduce taxable value for county property, potentially affecting monthly distributions to schools and services.
Treasurer Taylor told the board that House Bill 47, a legislative change voters approved in November and now before the Legislature, would increase the residential veteran exemption from $4,000 to $10,000 beginning tax year 2025 and would index the exemption for inflation beginning in 2026.
Taylor said the bill also would change disabled-veteran exemptions so the tax exemption amount is based on the veteran's federal disability percentage. She described the bill's committee history: it was heard Jan. 29 in the House Government, Elections and Indian Affairs Committee (the transcript records a committee substitution recommendation), then went to the House Taxation & Revenue Committee on Feb. 7 where it received a do-pass recommendation and was placed on a temporary calendar; as of the morning of the meeting there had been no further action.
Taylor said the county is tracking the bill closely because it could "significantly impact county budgets and our monthly distribution" to schools, hospitals and emergency services and that the state Department of Finance and Administration is working with counties and legislators to plan for the change.
Taylor provided a preliminary, rough estimate of local impacts based on assessor data and cautioned the numbers were not final. She reported residential allowable-exemption figures of roughly $60,575,252 and nonresidential figures around $1,374,517 and said total additional allowable exemptions were being estimated; she described these as "rough data" and said more concrete numbers would follow as the bill moves through the legislative process.
Board members asked how the percentage of disability would be determined for the exemption; Taylor said veterans would need to provide medical documentation to the assessor's office, which would determine the percentage used for any exemption. Taylor also said assessors and Veterans Affairs offices are coordinating outreach so veterans are informed about the change and application process if it becomes law.
Taylor and other officials also noted a separate bill introduced recently that would affect conservancy districts or allow multiple parcels separated by roads to be treated as a single parcel for tax purposes; she said outside tax counsel and staff, including Rob Burpo, are running analyses on potential fiscal impact.
