Source: New Mexico Association of REALTORS®, David Saavedra | March 10, 2025
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Legislative Session Speeds Toward the Finish Line.
With just 12 days remaining in the 57th Legislative Session, lawmakers are racing against the clock to navigate a packed agenda. Over 1,312 bills have been introduced, fueling intense debates, late-night hearings, and critical negotiations as the session enters its final stretch.
The NMAR Legislative Committee is actively engaged, monitoring and advocating on 90+ real estate-related bills that could impact property rights, housing affordability, and the future of our industry. Our team—staff, lobbyists, and engaged members—continues to work closely with legislators to push for sound real estate policies that benefit New Mexico.
So far, only 4 bills have successfully cleared both chambers and been sent to the Governor for action, while 18 memorials, resolutions, and joint/concurrent resolutions have been passed by the Legislature. With the clock ticking, every moment counts in shaping the final outcome of this session.
Stay informed. Stay engaged. Let’s shape the future of real estate together!
A Highlight from Last Week: The 57th Legislature, First Session
Two positive bills made progress at the Roundhouse last week, House Bill 325 (HB 325) and House Bill 571 (HB 571), aim to significantly enhance New Mexico’s housing market by promoting affordability and increasing the state’s housing inventory.
HB 325 introduces gross receipts tax deductions for labor costs incurred in new residential housing construction and for sales of new residential units. By reducing the tax burden on construction labor and home sales, the bill is expected to incentivize developers to build more housing, ultimately leading to increased supply and potentially lower home prices for residents. Moreover, municipalities and counties will receive compensatory distributions to ensure local revenues remain stable, supporting infrastructure and services while fostering economic growth in the housing sector.
Meanwhile, HB 571 establishes a framework for municipalities to voluntarily adopt planning and zoning strategies that encourage housing development. The bill proposes a certification program for municipalities that implement policies to reduce regulatory barriers, lower construction costs, and streamline jurisdictional approvals. By promoting best practices in land use and zoning, HB 571 seeks to make housing more accessible and affordable across both urban and rural areas. Together, these bills present a comprehensive approach to addressing New Mexico’s housing shortage, supporting local economies, and ensuring more residents can achieve homeownership or access quality rental housing.
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