New Mexico Constitutional Amendment 1 (2002)
New Mexico's Constitutional Amendment 1 is a legislatively-referred constitutional amendment that proposes an additional property tax exemption of $2,000 for honorably discharged veterans of the United States Armed Services who served during an armed conflict. The exemption will phase in over four years at the rate of $500 per year through 2006, at which time the exemption for affected individuals will total $4,000. The exemption amount is subtracted from the assessed value of the homeowner’s property.
The measure passed with yes votes of 72.0% in 2002.
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