N.M. Stat. Ann. § 42-10-10 :
� 42-10-10. Exemption in lieu of homestead
A. Any resident of this state who does not own a homestead shall in addition to other exemptions hold exempt real or personal property in the amount of two thousand dollars ($2,000) in lieu of the homestead exemption.
B. Where the resident does not own a homestead, the sheriff or any other person or officer seeking to attach, execute or foreclose by judgment on property shall provide the resident with written notification of the resident's right to exemption in lieu of homestead as described in Subsection A of this section, together with a simple form by which the resident may designate that he is aware of the exemption and does or does not desire to claim the exemption. Where the resident refuses to make the election provided for in this section, the sheriff, other person or officer shall proceed to attach, execute or foreclose on the resident's property. Where the resident claims his exemption in lieu of homestead, the sheriff, other person or officer making attachment, execution or foreclosure by judgment shall file as part of his return a description, including the resident's stated value, of the property claimed as exempt bearing the resident's signature witnessed by the sheriff, other person or officer seeking to attach, execute or foreclose.
Last Amended: 2023
2023History: 1953 Comp., § 24-6-2, enacted by Laws 1971, ch. 215, § 7; 1978 Comp., § 42-10-10; 1979, ch. 9, § 2; 1979, ch. 182, § 4; 2007, ch. 95, § 2; 2023, ch. 104, § 8.
The 2023 amendment, effective July 1, 2023, increased the exemption for people who do not own a homestead from five thousand dollars to fifteen thousand dollars; after "property in the amount of", deleted "five thousand dollars ($5,000)" and added "fifteen thousand dollars ($15,000)"; and deleted Subsection B.
Applicability. — Laws 2023, ch. 104, § 13 provided that the provisions of Laws 2023, ch. 104 apply to actions filed on or after July 1, 2023.
The 2007 amendment, effective June 15, 2007, increased the exemption in lieu of homestead from $2,000 to $5,000.
The 1979 amendment, designated the previously undesignated paragraph as Subsection A; substituted "shall" for "may" preceding "in addition to" near the middle of Subsection A; added Subsection B; and substituted "two thousand dollars ($2,000)" for "one thousand dollars ($1,000)" near the end of Subsection A.